Wirex launched 26 fiat-backed stablecoins on Stellar and added Lumens support to its crypto debit card, enabling users to spend USD, EUR equivalents via VISA. The circular process of converting fiat to stablecoin and back raises questions about practical utility.
Wirex, a crypto debit card provider, has created 26 fiat-backed stablecoins on the Stellar network to allow users to spend USD, EUR and other fiat equivalents through VISA. The platform also added Stellar Lumens to its supported cryptocurrencies. Users must convert fiat to stablecoin, then back to fiat for VISA transactions, creating a circular process. While stablecoins enable faster international payments between Wirex users, traditional challenger banks already offer similar functionality through conventional banking rails. The initiative aims to drive mass adoption of digital currencies, though the practical advantages over existing payment solutions remain unclear.
