Wirex Expands USDC Support to the Stellar Network

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Oct 11, 2022, 07:55 ET

Marks milestone in ongoing collaboration between Wirex and the Stellar Development Foundation to advance financial access through blockchain technology

ROME, Oct. 11, 2022 /PRNewswire/ -- Today at Stellar's 4th annual Meridian conference, Wirex, a leading payments platform, announced the launch of USD Coin (USDC) on the Stellar blockchain within the Wirex app. In addition to expanding access to Stellar-based digital assets, this announcement is an important milestone in an ongoing collaboration between Wirex and the Stellar Development Foundation (SDF), the nonprofit organization that supports the growth and development of the Stellar network.

With stablecoin adoption growing rapidly, proving the utility of fiat-backed assets in the digital economy, they are emerging as a reliable payment option for everyday use. Over the past year, Wirex has rapidly increased the number of tokens and stablecoins available to buy, hold, exchange, and sell in-app. This has given their 5 million customers more flexibility and choice for faster transactions, lower fees and easier access to the benefits of DeFi.

Support for USDC on Stellar will be available immediately in the Wirex app, which lets users 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. As a fully reserve-backed stablecoin issued by Circle, a regulated US fintech, USDC is always redeemable 1:1 for U.S. dollars. Circle's reserves are held in U.S. financial institutions and audited monthly by a trusted, independent firm, Grant Thornton LLP.

Wirex's collaboration with SDF dates back to 2019, rooted in the companies' shared goal of democratising access to the digital economy. Their collaboration has enabled Wirex users to access Stellar-based USDC and lumens in 39 countries, including the US, UK, and across Europe.

The announcement of USDC on Stellar was made today at Stellar's Meridian Conference in Rome by Chief Growth Officer, Kiel Dowlin. He comments: "As a strong advocate for the digital economy, I believe 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, said, "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."

Working together to advance adoption and understanding of the financial landscape, over the past two years, the two organizations jointly commissioned and released unique research reports gathering primary data to help understand user's crypto habits and adoption. Recognising consumer needs, awareness and pain points, it's been highly regarded amongst industry analysts and policymakers globally as a benchmark for the state of adoption of cryptocurrency.

About Wirex

Wirex is a worldwide digital payment platform and regulated institution that has forged new rules in the digital payments space. In 2015, the firm developed the world's first crypto-enabled payment card that gives users the ability to seamlessly spend crypto and traditional currencies in real life.

Wirex was created in 2014 by CEOs and Co-founders Pavel Matveev and Dmitry Lazarichev, who identified the need to open up the esoteric world of cryptocurrencies and make digital money accessible for everyone. With the core aim of making it as easy as possible to use digital assets in everyday life, Wirex provides a trusted and cost-effective service for crypto and traditional currency transactions by incorporating the next generation of payments infrastructure integrated with cryptocurrency blockchains.

With over 5 million customers across 130 countries, the company offers secure accounts that allow customers to easily store, buy and exchange multiple currencies instantly at the best live rates on one centralised mobile app. Quick and simple crypto transfer options are available, as well as the freedom to spend 150+ traditional and cryptocurrencies in more than 80 million locations around the world using the Wirex card.

Wirex continues to develop the product in line with market developments, whilst adhering to regional regulations and securing appropriate licensing where it exists. A proven industry pioneer, Wirex launched their own native utility token, WXT, and introduced the world's first crypto reward programme, Cryptoback™, which earns cardholders up to 8% back in WXT for every transaction they make.

To reflect the growth of the metaverse, throughout 2021, the company has expanded their product to enable mainstream access to DeFi. Starting with the launch of their popular X-Accounts feature, offering unprecedented levels of interest, Wirex has continued to add to their DeFi arsenal with the release of the non-custodial Wirex Wallet and a partnership with Nereus, a decentralised liquidity market.

Wirex is based in London, with offices in Singapore, Kyiv, Dallas, Dublin and Atlanta. With over $5bn worth of transactions processed already and rapid expansion into new territories, including the US, Wirex is uniquely placed to support and promote the mass adoption of a cashless society through creative solutions.

| wirexapp.com |

About Stellar

Stellar is a decentralized, fast, scalable, and uniquely sustainable 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. Financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 7 million accounts. For more information, visit stellar.org.

About the Stellar Development Foundation

The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world's financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar's codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world's economic potential through blockchain technology. For more information, visit stellar.org/foundation.

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SOURCE Wirex