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Wirex will support EURC Settlement through a Visa stablecoin settlement pilot.
Deep Tide TechFlow news, on August 17, reported by Crowdfund Insider, Web3 payment application Wirex announced that it will support EURC settlement through Visa’s stablecoin settlement pilot, marking an important milestone in the development of blockchain payments in Europe.
After completing the testing phase, Wirex has now enabled EURC Settlement functionality through the Visa network. This collaboration utilizes the stablecoin EURC issued by Circle, which is pegged 1:1 to the euro, to achieve near real-time settlement.
This integration will further simplify cross-border payments and improve the efficiency of cryptocurrency to fiat conversions. Svyatoslav Garal, Global Payments Director at Wirex, stated that this is an important step towards enabling daily transactions with digital currencies and also the first implementation case of EURC settlement in the European Union.
Wirex’s long-term partnership with Visa has processed over $20 billion in transactions. This settlement feature will bring fast settlements, enhanced security and transparency to the payment industry, eliminating the friction of traditional cross-border payments through Blockchain technology.