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In a significant development for the blockchain ecosystem, Wirex has officially launched USDC on the Stellar blockchain within its application. This milestone marks an important step in the ongoing collaboration between Wirex and the Stellar Development Foundation (SDF), a non-profit organization dedicated to supporting the growth and development of the Stellar network.
USDC: A Reliable Payment Solution
USDC, a stablecoin fully backed by reserves, has emerged as a dependable means of everyday payment. Its rapid adoption reflects the utility of fiat-backed assets in the digital economy. Throughout 2022, Wirex expanded its offerings to include a wide range of tokens and stablecoins, providing its users with greater flexibility, lower transaction fees, and easier access to DeFi (Decentralized Finance) for faster and more efficient transactions.
Access to USDC on Stellar
Support for USDC on the Stellar blockchain is now available within the Wirex application. Users can securely store or spend USDC using Wirex's cryptocurrency-friendly debit card. Moreover, users have the opportunity to earn up to 8% in WXT rewards for each purchase made in stores or online. USDC can be exchanged for US dollars at a 1:1 ratio, given its full reserve backing by Circle, a regulated American fintech company with reserves held in US financial institutions and monthly audits conducted by Grant Thornton LLP.
Wirex-SDF Collaboration: A History of Democratizing Digital Economy Access
The collaboration between Wirex and SDF commenced in 2019, with a shared mission to democratize access to the digital economy. This partnership allows Wirex users in 39 countries to access USDC and Lumens, both based on the Stellar network.
Stablecoins in the Digital Economy
Representatives from Wirex emphasized the vital role stablecoins play in the digital economy due to their payment utility. With extended support for multiple chains for stablecoins, users are expected to find it more convenient when seeking cost-effective transactions for micro-payments on a global scale.
Supporting the Development Landscape
These two organizations have worked together to promote the adoption and understanding of the financial landscape by commissioning and publishing research reports, helping shed light on user cryptocurrency adoption patterns.
Wirex's Product Developments and Offerings
Established in 2014, Wirex is a global digital payment platform and a regulated entity with a core mission to make digital asset usage accessible to everyone. In 2015, the company introduced the world's first cryptocurrency-supported payment card, allowing users to spend both cryptocurrencies and traditional currencies in real-life scenarios.
Wirex, equipped with next-generation payment infrastructure integrated with cryptocurrency blockchains, offers a reliable and cost-effective service for cryptocurrency and traditional currency transactions. With over 5 million customers in 130 countries, the company provides secure accounts that enable users to store, instantly purchase, and exchange multiple currencies at the best rates within a centralized mobile application.
Wirex has launched its native utility token, WXT, and introduced the Cryptoback rewards program, which returns cardholders up to 8% in WXT for every completed transaction.
The introduction of USDC on the Stellar blockchain through Wirex's application represents a significant step toward enhancing the accessibility and utility of digital assets in everyday transactions, furthering the goals of both Wirex and the Stellar Development Foundation in expanding the reach of the digital economy.
