Wirex has announced its collaboration with Visa to support EURC settlements through a new stablecoin settlement pilot.
This 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.
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.
