Wirex, a prominent UK’s FCA supported cryptocurrency remittance provider, has partnered with Stellar, bringing in its over 2 million users and more than 5000 business clients into the cryptocurrency project’s ecosystem.

The surprising collaboration will see Wirex launch “26 fiat-backed stablecoins” on Stellar network, a crypto platform that also partnered with tech giant IBM.

Stellar network is receiving different supports from big firms across the globe. The launch of Wirex Stablecoins on Stellar Network infers that the crypto platform is uniquely designed to also accommodate Stablecoins.

While some analysts opined that Stablecoins are created to bring growth into the crypto space, they are becoming a solid way to reduce crypto volatility due to the fact that their value are pegged to fiat currency.

For Low Cost and Almost Instant Across Border Remittance

When Stellar-based Wirex stablecoins finally launches, they are going to be used to perfect low-cost and all most immediately cross-border remittance, just like the IBM Stablecoin which has received support from six respected international banks.

First of its Kind in the Crypto Space

This Wirex Stablecoins is going to be the first of its kind for many reasons. They are the maiden stablecoins to be spend easily in day to day dealings using Wirex Visa card. It is the first stablecoins to be pegged to different fiat currencies like USD, EUR, GBP, HKD and SGD with exchange at interbank rates. Similarly, it is the foremost stablecoins that can be easily exchanged with other virtual currencies at OTC rates.

Importantly, it is the first stablecoins to be released by an FCA supported crypto and fiat payment firm. All these will propel the stablecoins when it is finally unveiled.

Wirex’ Over 2 million Users and 5K business clients Added to Stellar (XLM) Ecosystem

The advent of Wirex Stablecoins on Stellar network means the FCA-regulated company’s over 2 million Users and 5K business clients are to be added to the Stellar ecosystem. This is definitely going to propel the cryptocurrency project.

Wirex has an outstanding user base. The number of people using the Wirex platform are enough to bring revolution to the Stellar (XLM) network.

More Use Cases Than Expected.

The stellar-based stablecoins have diverse use cases than one can imagine at the moment. Its functions in the business and retail arena indicate the partnership is the beginning of development for Stellar (XLM).

The stellar-backed Wirex Stablecoins is unique for international remittance, and offers faster and cheaper alternatives to Mastercard and Visa. It offers immediate token issues and redemption, stands as the beginning of crypto adoption with its instant merchant settlement among other use cases.