Wirex Accepts EURC Via Visa Stablecoin Pilot

Wirex has announced its collaboration with Visa to support EURC settlements through a new stablecoin settlement pilot, according to CrowdFundInsider. Seen largely as growing the integration of blockchain technology within mainstream financial systems, the move underscores a broader shift in sovereign currencies acting as fiat reserves for the new wave of digital money.

The EURC, a stablecoin fully backed by Euros and issued by Circle as part of its global expansion, is designed to provide a reliable alternative to the USD dominant stablecoins for European citizens and businesses paying funds in the Euro. The top 5 stablecoins currently are all dollar-backed and the currency makes up for most of the recent $270 billion of the stablecoin market cap. EURC remains the leader in the subcategory, followed closely by EURS, a similar Euro stablecoin issued by Stasis.

Wirex's Global Head of Payments, Svyatoslav Garal, expressed that:

“Partnering with Visa to enable EURC settlements is a major step forward in our mission to make digital currencies practical for everyday payments. This development empowers us to offer even faster and more reliable transactions, giving our customers a seamless experience when moving between crypto and traditional currencies. We’re also proud to be the first to implement EURC settlements in the EU.”

This partnership not only enhances transaction speed, but also aims to reduce costs associated with crypto-to-fiat conversions and represents a significant step towards making digital currencies practical for everyday use in other regions of the world, whilst also emphasizing the importance of institutional and enterprise adoption growth.