Paysend, a London-based fintech serving over 1 million users, is launching a stablecoin on Stellar to enable instant global payments without cross-border fees for expats and multi-currency account holders.
Paysend Group, a FCA-licensed fintech company with over 1 million users across 70 countries, is launching a stablecoin on the Stellar network in June 2019. The stablecoin will provide a consistent store of value and enable real-time transactions without traditional cross-border fees, targeting Paysend's 700,000 expats and multi-currency account holders. Built on Stellar's infrastructure designed for asset tokenization and payments, the stablecoin leverages Paysend's existing card-to-card and proxy-card technologies and partnerships with Visa, Mastercard, and China Union Pay. The Stellar Development Foundation highlighted stablecoins as the next generation of digital payments with potential to transform the remittance and payments industry.