Payments platform Wirex now supports the USD Coin (USDC) on the Stellar blockchain within the Wirex app and lets users save or spend USDC in real life.
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.
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.
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.