Wirex to bridge the gap between fiat and cryptocurrencies

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Digital money solutions provider, Wirex has collaborated with Stellar, a platform for decentralized financial products, in order to release 26 fiat backed stablecoins for its users and business clients.

“Joining forces with Stellar makes perfect sense for us,” said Pavel Mateev, Wirex co-founder. “Both companies share a greater goal – encouraging the mass adoption of digital currencies and transforming the way people make payments. We are thrilled to add XLM to the Wirex platform and even more excited to release our industry-first Wirex stablecoins.”

Stablecoins mitigate the volatility in the crypto market as their values are pegged to a stable asset and hence can be transferred or exchanged without any change in value and can perform low-cost, near instantaneous international remittance.

According to the supplier, the first stage of the collaboration will see the launch of Stellar’s asset, Lumens on the Wirex platform. This, along with 19 other digital currencies on the platform, can be converted and spent using Wirex visa card. The Stellar-based Wirex stablecoins have a variety of use-cases for retail and business clients including international remittance, cryptocurrency hedging, instant merchant settlements and many more.

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