Wirex is launching 26 fiat-backed stablecoins on Stellar, covering major currencies like USD, EUR, and GBP. The stablecoins will be spendable via Wirex's Visa card and convertible at OTC rates, with use cases in remittances and merchant settlements.
U.K.-based payments platform Wirex announced the launch of 26 stablecoins on the Stellar blockchain, backed by fiat currencies including the U.S. dollar, euro, British pound, Hong Kong dollar, and Singapore dollar. The stablecoins can be spent directly through Wirex's multi-currency Visa card and instantly converted to other stablecoins at OTC rates. Wirex chose Stellar for its superior security, scalability, and lower transaction costs. The platform will also add Stellar's native token XLM. Wirex cited potential use cases in remittances, token issuance and redemption, and merchant settlements. This announcement follows IBM's recent deployment of stablecoins on Stellar through its World Wire payment network.
