Wirex, a UK-based payments platform, has revealed plans to launch 26 stablecoins on the Stellar blockchain network.
The cryptocurrencies can be spent using the company’s own multi-currency Visa card.
The payments company stated that the stablecoins will be backed by several fiat currencies such as euro, US dollar, the British pound, Singapore dollar and Hong Kong dollar.
The card currently supports ten fiat currencies and eight cryptocurrencies. Users can convert and spend cryptocurrencies in outlets which accept Visa credit cards.
Users can also convert these stable coins to other cryptocurrencies at over-the-counter (OTC) rates.
The offering can also be used in merchant settlements, remittance, token issuance and redemption.
Wirex said that it selected Stellar network as it provides a secure and stable platform at lower costs compared to other blockchain networks for real-time transactions.
Wirex also revealed that it will soon add Stellar’s native token, lumens (XLM) to its list of offerings.
Stellar is also widely used by IBM’s payment network World Wire.
Wirex, in October last year, partnered with payments processing technology firm i2c to launch a new multiple cryptocurrency-backed prepaid card in the US.
Almost a year ago, the company released new plastic debit cards supporting multiple currency accounts such as euro (EUR), US dollars (USD) and bitcoin (BTC) in the UK.