Stellar in collaboration with Wirex to launch 26 fiat-backed stablecoins

• The stablecoins will have the backing of various fiat currencies on the Stellar blockchain.
• “We want to bank the unbanked, democratize access to financial services”¦” Mateev.

A report on Forbes says that Stellar has entered in a partnership with Wirex that will see the network launch 26 new stablecoins. The stablecoins will have the backing of various fiat currencies on the Stellar blockchain.

There has been an increase in the number of stablecoins in the cryptocurrency industry. The stablecoins are mostly backed by fiat reserved. In fact, the company that issues the largest stablecoin in the industry Tether recently launched another stablecoin on the Tron (TRX) blockchain.

According to Forbes:

“Stablecoins have the potential to transform the payments space. We’re excited to be working with Wirex to launch its first stablecoins to help make money more fluid and open to everyone.”

The stablecoins to be issued on Stellar protocol will be designed to be used for international fund transfers as opposed to the existing stablecoins that are suitable mainly for trading.

“We want to bank the unbanked, democratize access to financial services and facilitate the integration of the burgeoning token economy,” said Mateev.

“Local currency-pegged stablecoins don’t require a local liquidity provider, and can be easily and affordably exchanged to the equivalent local fiat currency.”