Wirex might have had a bumpy few months, with outages and slow customer support response time leaving customers in the dark, but it has just signed a deal with Stellar to launch 26 new stablecoins. As part of the deal, Wirex has added XLM – Stellar’s token – to its platform and will follow this up by creating stablecoin versions of its accepted fiat currencies on the Stellar network. Thanks to Stellar’s huge 1,000 transactions per second, Wirex will be able to use the Stellar network to speed up its service and please customers around the globe.
Wirex 3.0 Launch Headaches
Earlier this year, Wirex rolled out version 3.0 which introduced a raft of upgrades to the Wirex ecosystem. However, 3.0 was untested with the volumes of traffic Wirex received and it all fell apart rather quickly. Deposits took days to process, customer support vanished, the app entered “scheduled maintenance” for hours and crypto went missing. It wasn’t the launch party Wirex was hoping for, but it’s slowly starting to get back on its feet and resume normal service.
BitGo At the Core
Stablecoins are vital tokens in the crypto trading industry as they help traders mitigate risks associated with volatility. Back in December 2018, BitGo announced that it was adding support for Universal Protocol Alliance stablecoins and due to Wirex using BitGo, this technology will be under the hood of every Wirex stablecoin. By using BitGo as its custodial solution, Wirex will be able to apply for stablecoin regulation in a number of jurisdictions, making its stablecoins highly sought-after. If that wasn’t enough to sell you on the new Wirex stablecoins, it also uses BitGo Instant, meaning if you send these stablecoins to another exchange or account using BitGo Instant, the funds will be there instantly – how perfect is that!
Demand for Stablecoins is Growing
There is no doubt about it, stablecoins rule the crypto world. Just this weekend we saw crypto markets take a huge tumble after another Tether debacle emerged. Traders lost faith in Tether, forcing them to sell off huge chunks which in turn sent crypto markets reeling. Fortunately. Stablecoins are the only way into the crypto market for Chinese traders, so after this Tether debacle blows over, stablecoin demand will once again return to peak levels.
Wirex has a history of pulling off impressive projects, and launching 26 stablecoins will be an accolade it can shout from the rooftops. The Stellar network will benefit greatly from this barrage of stablecoins, and it will likely begin listing trading pairs with these coins on its Interstellar exchange. There is no release date for these stablecoins just yet, but we can expect to see them in full swing by the end of the year.