Blockchain Payment Firm Wirex To Create 26 Stablecoins On Stellar Network

Blockchain, News | April 26, 2019 By:

Blockchain personal finance firm Wirex has added Stellar Lumens (XLM) to its platform, bringing the total number of supported cryptocurrencies to nine.

Wirex provides crypto wallets which are also linked to physical and virtual VISA debit cards. It serves more than 900,000 customers in over 130 countries and has an e-money license in the UK. Wirex operates in partnership with SBI Holdings in Japan as SBI Wirex Asia.

In an online post, Wirex said that the addition of XLM, the ninth-largest cryptocurrency by market cap, would enable its users to buy, store, exchange and spend the cryptocurrency on its platform.

According to Wirex, the release of a secure Wirex XLM account is just the first phase of a new partnership between Wirex and the Stellar network. The company said that they will be working with Stellar to create 26 traditional currency-backed Wirex stablecoins on the Stellar network.

“The release will make Wirex the first company to offer stablecoins pegged to a large variety of international fiat currencies, including USD, EUR, GBP, HKD and SGD,” Wirex said. “Currently, most stablecoins on the market are USD-backed tokens. Providing stablecoins in an array of local currencies allows for swift, international remittance without the need for local liquidity providers – and converting back into local currency is quick and cheap.”

The 26 stablecoins can be used seamlessly in day-to-day life – online, at ATMs and in shops, restaurants and supermarkets – using the Wirex Visa card. Wirex also claims that the 26 stablecoins are also the first stablecoins that can be instantly converted into digital or traditional currencies at OTC and interbank rates.

Wirex said that they selected the Stellar network to build their stablecoins because it features an inbuilt compliance framework, which automatically ensures regulatory adherence. Stellar also manages at least 1,000 tps, making it significantly faster and more scalable as compared to ethereum blockchain at 25 tps.