Wirex partners with Stellar network, announces plan to launch 26 stablecoins

Wirex, a UK FCA-regulated digital money platform, has announced support for Stellar Lumens (XLM) on its platform, bringing its digital token offering to nine overall.

In an online post dated April 24, the firm said that users would now be able to buy, store, exchange and spend lumens (XLM) on its platform.

Importantly, Wirex announced that it has partnered with the Stellar network, adding that the release of a secure Wirex XLM account marks just the first phase of this collaboration.

The company said that it plans to launch 26 stablecoins on the Stellar network. These stablecoins will be pegged to a large variety of international fiat currencies, including USD, EUR, GBP, HKD and SGD.

“Providing stablecoins in an array of local currencies allows for swift, international remittance without the need for local liquidity providers – and converting back into local currency is quick and cheap”, Wirex said, adding that Wirex stablecoins could be “used seamlessly in day-to-day life – online, at ATMs and in shops, restaurants and supermarkets – thanks to the Wirex Visa card.”

In addition, these stablecoins can also be instantly converted into digital or traditional currencies at OTC and interbank rates.

As to why it chose Stellar, Wirex said that the Stellar protocol features an inbuilt compliance framework, which automatically ensures regulatory adherence. In addition, Stellar manages at least 1,000 tps, making it significantly faster and more scalable as compared to Ethereum blockchain at 25 tps.

In February, Wirex released its latest version, Wirex 3.0, which added support for 10 new fiat currencies. Last month, it announced the launch of its business accounts which can transact in both fiat and cryptocurrencies.