Wirex and Visa Enable Stablecoin Payouts
What happened
Crypto card issuer Wirex has launched a "Stablecoin Push-to-Card" feature powered by Visa Direct. The service allows Banking-as-a-Service clients to embed stablecoin-funded payouts directly to more than 3 billion eligible Visa cards worldwide via an API.
Why it matters
- The "Stablecoin Push-to-Card" feature is designed for businesses with global teams and supplier networks, enabling instant payouts for contractor payments, employee reimbursements, and supplier settlements. - Wirex, founded in 2014 by Pavel Matveev and Dmitry Lazarichev, has grown to over 6 million customers and has processed $20 billion in transactions. - The service operates on Visa Direct, a network that reaches over 11 billion endpoints, including 3 billion cards, across more than 190 countries. - Payouts can be initiated using only the recipient's 16-digit card number, with funds often available in under 30 seconds. - As a principal member of both Visa and Mastercard in the UK and APAC, Wirex can directly issue crypto-enabled debit and prepaid cards in over 40 countries. - The underlying Banking-as-a-Service (BaaS) platform allows other Web3 companies and fintechs to integrate stablecoin banking and card issuance into their own applications via an API. - This initiative is part of a broader trend where stablecoins are increasingly used for cross-border remittances, B2B transactions, and payroll to reduce costs and settlement times associated with traditional banking. - Wirex's business-focused platform offers corporate accounts in multiple fiat and stablecoins, corporate Visa cards, and built-in yield on stablecoin holdings.
Key numbers
- The service allows Banking-as-a-Service clients to embed stablecoin-funded payouts directly to more than 3 billion eligible Visa cards worldwide via an API.
- Wirex, founded in 2014 by Pavel Matveev and Dmitry Lazarichev, has grown to over 6 million customers and has processed $20 billion in transactions.
- The service operates on Visa Direct, a network that reaches over 11 billion endpoints, including 3 billion cards, across more than 190 countries.
- Payouts can be initiated using only the recipient's 16-digit card number, with funds often available in under 30 seconds.
Quick answers
What happened in Wirex and Visa Enable Stablecoin Payouts?
Crypto card issuer Wirex has launched a "Stablecoin Push-to-Card" feature powered by Visa Direct. The service allows Banking-as-a-Service clients to embed stablecoin-funded payouts directly to more than 3 billion eligible Visa cards worldwide via an API.
Why does Wirex and Visa Enable Stablecoin Payouts matter?
The "Stablecoin Push-to-Card" feature is designed for businesses with global teams and supplier networks, enabling instant payouts for contractor payments, employee reimbursements, and supplier settlements. Wirex, founded in 2014 by Pavel Matveev and Dmitry Lazarichev, has grown to over 6 million customers and has processed $20 billion in transactions. The service operates on Visa Direct, a network that reaches over 11 billion endpoints, including 3 billion cards, across more than 190 countries. Payouts can be initiated using only the recipient's 16-digit card number, with funds often available in under 30 seconds. As a principal member of both Visa and Mastercard in the UK and APAC, Wirex can directly issue crypto-enabled debit and prepaid cards in over 40 countries. The underlying Banking-as-a-Service (BaaS) platform allows other Web3 companies and fintechs to integrate stablecoin banking and card issuance into their own applications via an API. This initiative is part of a broader trend where stablecoins are increasingly used for cross-border remittances, B2B transactions, and payroll to reduce costs and settlement times associated with traditional banking. Wirex's business-focused platform offers corporate accounts in multiple fiat and stablecoins, corporate Visa cards, and built-in yield on stablecoin holdings.
