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 development of the Stellar Development Foundation (SDF), the non-profit organisation 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 of 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 organisations jointly commission 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.