Wirex, a leading digital payments platform with a mission to make crypto and traditional currencies equivalent and accessible to everyone announced the launch of USD Coin (USDC) on the Stellar blockchain within the Wirex app at Stellar’s 4th annual Meridian conference. In addition to expanding access to the Stellar-based digital assets, this announcement is significant in an ongoing collaboration between Wirex and the Stellar Development Foundation (SDF), the non-profit organization that supports the expansion and growth of the open-source Stellar network.
With stablecoin adoption expanding swiftly and sustaining the utility of fiat-backed assets in the digital economy, they are evolving as a steadfast payment option for daily usage. In the recent past, Wirex has swiftly enhanced the number of tokens and stable coins obtainable to buy, hold and exchange and sell in-app. This has accustomed their five million clients to more flexibility and options for quicker transactions, lower fees, and simpler access to the benefits of Defi.
Assistance for USDC on Stellar will be offered instantly in the Wirex app, which allows users to save or immediately pay out USDC in real-life by applying for the company’s crypto-enabled debit card. For every purchase made online or in-store, users can also gain up to 8% in WXT rewards. As a fully reserve-backed stable coin issued by Circle, a global financial technology company in the U.S, USDC is continually redeemable 1:1 for US dollars. Circle’s reserves are conducted in U.S financial institutions and audited periodically by a trusted, independent corporation, Grant Thornton LLP.
Wirex’s collaborated with SDF in the year 2019, ingrained in the businesses’ shared objective of normalizing access to the digital economy. Their collaboration has facilitated Wirex users to access Stellar-based USDC and lumens in thirty-nine countries, including the UK, the US, and throughout Europe.
The announcement of USDC on Stellar was made at Stellar’s Meridian Conference in Rome by Chief Growth Officer, Kiel Dowlin.
Dowlin stated that as a strong supporter of the digital economy, the firm believes that stablecoins would perform a considerable part due to the payment utility. Developing multi-chain support for stablecoins such as USDC would extend additional convenience for users striving for low-cost transactions to provide for micro-payment application cases worldwide.
Ada Vaughan, SDF Growth Strategist, said that the team noticed a prospect to leverage Wirex’s user-friendly app and debit card in addition to the Stellar network’s pace and near zero transaction cost, efficiently creating digital assets more effective than ever. Through this collaboration, SDF is delighted to place access to USDC on Stellar into the hands of millions of consumers across 39 countries.
Over the past two years, the two organizations in cooperation commissioned and released distinctive research reports gathering primary data to help identify users’ crypto habits and adoption by working collectively to expand understanding and adoption of the financial environment. Identifying consumer needs, awareness, and pain points is extremely considered amongst industry analysts and policymakers worldwide as a standard for the state acceptance of cryptocurrency.
About Wirex
Wirex is a global digital payment platform and regulated institution that has built brand-new rules in the digital payments space. In 2015, the company established the world’s first crypto-enabled payment card that gives users the ability to effortlessly pay out traditional and cryptocurrencies in real life.
Founded in 2014 by Pavel Matveev and Dmitry Lazarichev, CEO and Co-Founder at Wirex, who recognized the prerequisite to launch the enigmatic realm of cryptocurrencies and make digital money accessible to all. With the core aim of making, it as effortless to use digital assets in everyday life, Wirex offers a trusted and cost-effective service for traditional and cryptocurrency transactions by encompassing the next generation of payments infrastructure integrated with cryptocurrency blockchains.
With more than 5 million customers through 130 countries, the business offers secure accounts that let businesses store, buy and exchange multiple currencies immediately at the most excellent live rates on a single centralised cellular phone application. Instant and simple crypto transfer options are offered, as well as the autonomy to pay out 150 plus traditional and cryptocurrencies in over 80 million locations across the globe using the Wirex card.
Wirex continues to expand the product in line with market advancements while adhering to regional regulations and securing appropriate licensing where it occurs. A proven industry developer, Wirex unveiled their native utility token, WXT, and launched the world’s first crypto reward program, Crypto back, which earns cardholders up to 8% back in WXT for every single transaction they make.
Throughout 2021, to reflect the growth of the metaverse, the business has extended its product to facilitate conventional access to Defi. Beginning with the unveiling of their current X-Accounts feature, presenting unprecedented amounts of interest, Wirex has continued to combine their Defi fund with the release of the non-custodial Wirex Wallet and collaboration with Nereus, a decentralized liquidity market.
Wirex is founded in London, with offices in Singapore, Dallas Kyiv, Dublin, and Atlanta. With more than $5bn worth of transactions processed now and quick expansion into new territories, as well as the US, Wirex is uniquely positioned to support and promote the volume adoption of a cashless society through creative solutions.