Payments platform Wirex is launching 26 stablecoins on the network.
The U.K.-based firm announced the on Thursday, saying that the stablecoins will be backed by fiat currencies including the U.S. dollar, euro, the British pound, Hong Kong dollar and the Singapore dollar.
Wirex, which is by the country’s finance watchdog, the Financial Conduct Authority (FCA), added that the can be spent using its own multi-currency Visa card. Wirex’s card allows users to convert and spend wherever Visa is accepted, till now supporting 8 and 10 fiat currencies.
The stablecoins can also be “instantly” converted to other stablecoins at over-the-counter (OTC) rates, the firm said, adding that the new crypto offerings could have use cases in remittances, issuance and redemption, and merchant settlements.
The network was chosen over other blockchains because of its better security and scalability features, as well as lower costs for real-time transactions, Wirex said. The firm will also add ’s native , lumens (XLM) to its platform.
Tech giant IBM also notably uses for its payment network World Wire. The firm deals with six banks to issue stablecoins on the platform just last month.
The comes following something of a flood of new fiat-backed cryptos over the last year, with eToro most recently eight branded stablecoins alongside a full crypto exchange just days ago.
image via Shutterstock
Published at Thu, 25 Apr 2019 12:39:48 +0000
