Stellar (XLM) is slightly picking up the pace and looking to cross $2 billion market cap once again. This is a good sign for XLM as Stellar is also growing with a large number of additions made to its network.
Recently, the FCA regulated platform, Wirex announced that it has integrated 26 Fiat-based assets on the Stellar network. The co-founder of Stellar, Jed McCaleb said that stablecoins have a great amount of potential to transform the financial ecosystem i.e. the payments space. He further added that they are looking forward to working with Wirex to launch its first stablecoins that will help users to make easy payments and make the movement of money swifter and more open to everyone.
Wirex is well-known for payments, so it has added support for the local currencies. This will ultimately drive users towards the adoption of the digital currency. It will be easily exchanged to the equivalent local fiat currency.
These stablecoins will be fixed to real-world assets such as USD or gold. But the value will be backed by digital assets. These stablecoins reduce the intrinsic volatility in the crypto market. Stellar will provide these digital assets with a platform to store, transfer and exchange the assets without any expressive change in their value.
In the first stage, Wirex and Stellar will launch XLM which is the native asset of Stellar. Along with the rest of the digital and custom currencies, users will be able to use these assets with their Wirex Visa cards.
This collaboration of Wirex and Stellar is a perfect combo, as both, the firms share the same objective of enhancing the adoption of digital assets and enhance the payment system that is being used all over the world.
Wirex sees this digital asset as the best way for payments because, with stablecoins, the cost of the transaction is very low, high speed and the most effective and reliable way to move your money around. It doesn’t require a long process and consumes very less time.
Wirex plans to expand this project across the globe but at the moment, they will launch this in the USA and Canada and APAC region in this quarter. As per the report, there are already 700K+ customers that are on the waiting list of Wirex account. So, this is a good opportunity for Stellar to expose its payment system to the world through Wirex platform.
These developments play a key role in improving the market value and for Stellar’s XLM it will definitely get a lot of boost from this development. At the time of writing, Stellar (XLM) was trading with a price of $0.103 and it was rising at a rate of 4% in the last 24 hours. As Bitcoin has just touched $6K after some time, the market has looked good. So, XLM is on its way towards more adoption and the market stabilization will also help it to go further up in the coming time.