Wirex to launch 26 stablecoins on the Stellar blockchain

25 Apr, 2019 | Updated: 25 Apr, 2019
by Richard Allen
Adoption
Wirex to launch 26 stablecoins on the Stellar blockchain

According to a recent article on Forbes, UK-based startup Wirex is launching as many as 26 new stablecoins, backed by various fiat currencies, on the Stellar blockchain.

“Stablecoins have the potential to transform the payments space,” said Jed McCaleb, Stellar’s co-founder.  “We’re excited to be working with Wirex to launch its first stablecoins to help make money more fluid and open to everyone.”

However, Wirex co-founder Pavel Matveev believes that stablecoins pegged to the value of the US dollar are good for trading, they’re harder to use for cross-border payments.

“Most stablecoins are pegged to USD. While these are suitable for a specific use case - hedging on cryptocurrency exchanges - they can't be used for payments, as they’re not scalable and don’t support local currencies. Since payments (cross-border and daily) are Wirex’s main focus, we added support for local currencies with the aim of using stablecoins for international transfers. Local currency-pegged stablecoins don’t require a local liquidity provider, and can be easily and affordably exchanged to the equivalent local fiat currency.”

As such, Wirex, which looks to encourage the widespread adoption of cryptocurrencies, will be launching their stablecoins in a variety of international currencies.

The first stage of collaboration between Stellar and Wirex will be the launch of Stellar's Lumens (XLM) on the Wirex platform. Lumens will join 19 other digital and traditional currencies that can easily be converted and spent using Wirex’s earlier-launched Visa card.

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Read more about: Stellar (XLM)

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