Support for USDC on Stellar is now available in the Wirex app using a crypto-enabled debit card, according to a press release on Tuesday (Oct. 11).
The announcement made at Stellar’s 4th annual Meridian conference marks a continuing collaboration between Wirex and the Stellar Development Foundation (SDF), the nonprofit organization that supports the growth and development of the Stellar network, per the release.
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Stablecoin’s adoption has led to its emergence as a reliable payment alternative for daily use, which has led Wirex to up the number of tokens and stablecoins available to buy, hold, exchange and sell in-app.
As a result, Wirex’s estimated 5 million customers have access to increased flexibility, faster transactions, lower fees and easier connection to the benefits of decentralized finance (DeFi), according to the press release.
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Shoppers can earn up to 8% in WXT rewards for purchases made in-store or online and users can always redeem USDC 1:1 for U.S. dollars. USDC is a fully reserve-backed stablecoin issued by Circle, a regulated U.S. FinTech, with reserves held in U.S. financial institutions and independently audited monthly by Grant Thornton.
Wirex has collaborated with SDF since 2019 with a common mission of making the digital economy available to all. Their partnership has enabled Wirex users to access Stellar-based USDC and lumens in 39 countries, including the U.S., the U.K. and across Europe.
“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,” Chief Growth Officer Kiel Dowlin said.
