Wirex, , announced this Thursday that it has entered into a , which will see the release of 26 fiat-backed stablecoins which will be available for its more than two million users.
The crypto-orientated company says that the integration of Stellar-based stablecoins onto the Wirex platform represents a turning point for stablecoins, promoting them from a novel asset, to a practical one.
The payments provider also claims to be the first fiat and crypto payments company licensed by the Financial Conduct Authority (FCA) to release its own stablecoins, which brings further credibility to the asset.
Stablecoins, like that name suggests, are built to be more stable than traditional cryptocurrencies which are prone to large volatility. This is because their asset is .
Source: LinkedIn
Wirex and Stellar Partnership Brings Industry Firsts
The integration also poses a number of firsts for the industry, including the first stablecoins to be pegged to a number of major fiat currencies, such as the USD, EUR, GBP, HKD and SGD with exchange at interbank rates, the statement said. The new stablecoins can also be used in day-to-day life, the company said, if customers use Wire’x multi-currency Visa card.
The Wirex stablecoins are being built directly on Stellar and can be used for international remittance, cryptocurrency hedging, token issue and redemption and more.
Source: LinkedIn
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