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Wirex Launches 26 Fiat-Backed Cryptocurrencies on the Stellar Network
Wirex is a Financial Conduct Authority (FCA) regulated payment platform. Wirex will be partnering with Stellar to launch a 26 fiat-back stablecoin on the Stellar network. Stablecoins in most cases are pegged to fiat currency. This allows stablecoins to bypass volatility issues in the cryptocurrency space. Eliminating volatility enables stablecoins to be held and redeemed for payments at later times.
The first stage of the Wirex and Stellar collaboration will be to launch Stellar’s native token, Lumens (XLM), on the Wirex platform. Lumens will join 19 other digital and fiat currencies on the Wirex platform. These currencies can be converted and spent using Wirex’s Visa card. Holders of the Visa card will be able to convert one of the currencies to any of the other 18 and spend it at any place where Visa is accepted.
Our Take
Stablecoins combine the speed of cryptocurrency transfers with the stability of fiat currencies. Traditional stablecoins are usually pegged to the US dollar. They are also not scalable or pegged to many local currencies, making it impossible for these stablecoins to support payments. With so many currencies on the Wirex platform and the scalability of the Stellar network, this partnership solution solves that problem for individuals.
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FCA Regulated Payment Platform Launches 26 Fiat-Backed Cryptocurrencies On The Stellar Network