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Cryptocurrencies

Wirex to roll out 26 fiat-backed stablecoins on the Stellar network

Friday 26 April 2019 | 09:57 AM CET

Wirex, a UK FCA regulated provider of digital money solutions, has teamed up with Stellar to release 26 fiat-backed stablecoins for its 2 million+ users and 5000+ business clients.

The first stage of collaboration between Wirex and Stellar sees the launch of Stellar’s native asset, Lumens (XLM) to the Wirex platform - where it joins 19 other digital and traditional currencies that can be converted and spent using the Wirex Visa card.

Stablecoins mitigate the inherent volatility in the crypto market because their value is pegged to a stable asset. This means that stablecoins can be stored, transferred and exchanged without any significant change in value, according to the official press release. Moreover, because Wirex stablecoins are fiat-pegged cryptocurrencies, they can be used to perform near-instantaneous international remittance.

Wirex stablecoins are built directly on Stellar. The network offers real-time transactions at a fraction of the cost of other blockchain networks. Fraudulent, suspicious or erroneous transactions can be frozen and retracted.

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