Popular payments platform Wirex has revealed plans to launch 26 stablecoins on the Stellar blockchain network.
Wirex to Create Stablecoins Backed by Major Fiats
The firm made this known in a recent announcement. There, it was noted that these stablecoins will be backed by several FIATS currency. The following FIATS were listed in the announcement: the Euro, the British pound, the U.S. dollar, Hong Kong dollar and the Singapore dollar.
Wirex, which is a U.K based firm licensed by the country’s top financial watchdog, the Financial Conduct Authority (FCA), also revealed that these stablecoins will be spendable using its own multi-currency Visa card— that Wirex—Card.
Using Wirex’s card, users will be able to convert and spend cryptocurrencies wherever Visa is accepted. Currently, the card supports just 8 cryptocurrencies and 10 fiat currencies.
Furthermore, the firm noted that the stablecoins can also be “instantly” converted to other stablecoins at over-the-counter (OTC) rates. The stablecoins are also likely to get…