Payments Fintech Wirex says it has launched USDC (USD Coin) on the Stellar blockchain within its App. USDC is a dollar-based stablecoin issued by Circle and one of the most popular stablecoins in the world. Circle’s USDC assets are held in US financial institutions and audited monthly by Grant Thornton LLP.
Wirex said the announcement is emblematic of its partnership with the Stellar Development Foundation. Stablecoin adoption is growing by offering fiat backed digital assets that are a dependable payment option. Wirex said that its 5 million customers have access to faster transactions and lower fees due to stablecoins. Wirex users can access Stellar-based USDC and Lumens in 39 countries, including the US, the UK, and across Europe.
The Wirex app allows users to save or instantly spend USDC in real-life using the companies’ crypto-enabled debit card. For every purchase made in-store or online, users can also earn up to 8% in WXT rewards.
Wirex Chief Growth Officer, Kiel Dowlin said he believes that stablecoins will play a significant role due to the payment utility.
“Expanding multi-chain support for stablecoins such as USDC will offer further convenience for users seeking low-cost transactions to support micro-payment use cases globally.”
Ada Vaughan, SDF Growth Strategist, stated:
“We saw an opportunity to leverage Wirex’s user-friendly app and debit card along with the Stellar network’s speed and near zero transaction cost, effectively making digital assets more useful than ever. Through this collaboration, we’re excited to put access to USDC on Stellar into the hands of millions of consumers across 39 countries.”
Stellar is a decentralized, scalable network for financial products and services. It is both a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world’s financial infrastructure.