Cryptocurrency company, Wirex, has announced that it is working with the Stellar Lumens (XLM) project, making the XLM token the ninth such token available on the platform. Based in the United Kingdom, Wirex allows users to purchase cryptocurrencies with a Visa card.
However, the real significance of the collaboration comes from the fact that 26 Wirex stablecoins will be launched on the Stellar Network. These tokens will be pegged to a variety of different fiat currencies, including the United States Dollar (USD), Euro (EUR), Japanese Yen (JPY), Pound Sterling (GBP) and Hong Kong Dollar (HKD).
The official announcement reads,
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. Speaking of firsts, our 26 stablecoins represent the first fiat-pegged cryptocurrencies that can be used seamlessly in day-to-day life – online, at ATMs and in shops, restaurants and supermarkets – thanks to the Wirex Visa card. They are also the first stablecoins that can be instantly converted into digital or traditional currencies at OTC and interbank rates, making them even more suitable for moving money around the world.
Stellar Progress for XLM
Stellar and IBM recently announced that the two entities would work together to help banks launch stablecoins and that IBM’s World Wire, a global transfers system, would make use of the Stellar Network, which like the Ripple project, offers cross-border payment solutions.
Stellar is an important part of IBM’s World Wire, and partners like Nestle have signed up on to it.