Road to Success

UK-based digital payment platform Wirex has launched USD Coin (USDC) on the Stellar blockchain within the Wirex app.

 

Apart from expanding access to Stellar-based digital assets, the announcement marks a milestone in an ongoing collaboration between Wirex and the development of the Stellar Development Foundation (SDF), a non-profit organisation aimed at supporting the growth and development of the Stellar network.

Stablecoin is emerging as a reliable payment option for everyday use, as seen when looking at its rapid adoption rate growth, thus proving the utility of fiat-backed assets when it comes to digital economy. Over the course of 2022, Wirex increased the number of tokens and stablecoins available to buy, hold, exchange, and sell in-app, giving their customers increased flexibility and choice for faster transactions, lower fees, and easier access to DeFi (Decentralised Finance) benefits.

USDC support on Stellar will be of immediate availability within the Wirex app, letting users save or spend USDC instantly and in real-life using the companies’ crypto-enabled debit card. Users can earn up to 8% in WXT rewards for every purchase made in-store or online. USDC is redeemable 1:1 for US dollars, as it is a fully reserve-backed stablecoin issued by Circle, a regulated US fintech, whose reserves are held in US financial institutions and audited monthly by Grant Thornton LLP.

The Wirex, SDF collaboration dates to 2019, having a shared goal of democratising access to the digital economy, their collaboration enables Wirex’s users to access Stellar based USDC and Lumens in 39 countries.

Company representatives have spoken on the announcement of USDC on Stellar in the context of stablecoins playing a significant role in digital economy due to their payment utility. Having multi-chain support for stablecoins expanded, it is believed that users will have increased convenience when it comes to seeking low-cost transactions to support micro-payment use cases globally.

The two organisations have been working together to advance the adoption and understanding of the financial landscape, having commissioned, and released research reports to help understand user’s crypto habits and adoption. 

Wirex developments and product offering

Created in 2014, Wirex is a worldwide digital payment platform and regulated institution with the core aim of making the use of digital assets accessible for everyone. In 2015, the firm developed the world’s first crypto-enabled payment card, giving users the option of spending crypto and traditional currencies in real life.

By incorporating the next generation of payments infrastructure integrated with cryptocurrency blockchains, Wirex provides a trusted and cost-effective service for crypto and traditional currency transactions. Having over 5 million customers across 130 countries, the company offers secure accounts that allow the storage, purchase, and exchange of multiple currencies instantly at the best live rates in one centralised mobile app. 

Wirex launched their own native utility token, WXT, and introduced a crypto reward programme, Cryptoback, which earns cardholders up to 8% back in WXT for every transaction they make.