Wirex, a hybrid personal finance platform that merges blockchain tech and traditional finance, announced on Thursday it has collaborated with the Stellar Network and is set to launch a total of 26 fiat-backed stablecoins for its more than 2 million users and over 5000 business clients.
Wirex revealed its stablecoins are built directly on Stellar, which was designed expressly for tokenizing assets and making payments. Stellar also offers real-time transactions at a fraction of the cost of other blockchain networks. Fraudulent, suspicious or erroneous transactions may easily be frozen and retracted, ensuring that no one is left out-of-pocket and giving consumers more confidence in their payments.
It was also reported that 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 seamlessly converted and spent using the Wirex Visa card. Speaking about the collaboration, Pavel Mateev, Wirex Co-Founder, stated:
“Joining forces with Stellar makes perfect sense for us. 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.”
Jed McCaleb, Stellar Co-Founder, went onto add:
“Stablecoins have the potential to transform the payments space. We’re excited to be working with Wirex to launch its first stablecoins to help make money more fluid and open to everyone.”