Wirex Hosts USDC on Stellar blockchain
Wirex, a digital payment network located in the United Kingdom, has released USD Coin (USDC) on the Stellar blockchain inside the Wirex app. In addition to broadening access to Stellar-based digital assets, this announcement represents a significant milestone in the ongoing collaboration between Wirex and the Stellar Development Foundation (SDF), a non-profit organization dedicated to fostering the growth and development of the Stellar network.
Stablecoin is growing as a dependable payment alternative for daily usage, as seen by its quick acceptance rate rise, hence demonstrating the value of fiat-backed assets in the digital economy. Wirex raised the amount of tokens and stablecoins accessible to purchase, keep, swap, and sell in-app throughout the course of 2022, offering their consumers more freedom and choice for quicker transactions, reduced costs, and better access to DeFi (Decentralized Finance) advantages.
USDC functionality on Stellar will be available immediately inside the Wirex app, allowing customers to quickly store or spend USDC using the company’s crypto-enabled debit card. Users may earn up to 8% in WXT points on all in-store and online purchases. As a fully reserve-backed stablecoin issued by Circle, a regulated US fintech whose reserves are kept in US financial institutions and audited monthly by Grant Thornton LLP, USDC is redeemable 1:1 for US dollars.
The Wirex and Stellar Development Foundation (SDF) partnership began in 2019. With a common objective of democratizing access to the digital economy, the collaboration allows Wirex users in 39 countries to access Stellar-based USDC and Lumens. The introduction of USDC on Stellar has been discussed by company executives in the context of stablecoins having an important role in the digital economy owing to its payment usefulness. With the expansion of multi-chain compatibility for stablecoins, it is anticipated that consumers would have more convenience when pursuing low-cost transactions to serve global micropayment use cases.
The two organizations have been collaborating to promote the acceptance and comprehension of the financial environment, commissioning and releasing research studies to assist understand the crypto habits and adoption of users. Wirex was founded in 2014 as a global digital payment platform and regulated institution with the mission of democratizing the usage of digital assets. The company created the world’s first crypto-enabled payment card in 2015, allowing customers to spend bitcoin and conventional currencies in real life.
Wirex delivers a dependable and cost-effective solution for crypto and fiat currency transfers by integrating the next generation of payments infrastructure with blockchains for cryptocurrencies. With over 5 million users in 130 countries, the firm provides safe accounts that enable the storage, purchase, and conversion of numerous currencies instantaneously at the best current exchange rates through a centralized mobile application.
Wirex released its own native utility token, WXT, and established a crypto reward program, Cryptoback, that offers cardholders up to 8% back in WXT for every transaction they do.