Paysend Group Launches Global Stablecoin on the Stellar Network
With the new stablecoin, over a million users on Paysend will be able to send instant global payments without the traditional cross-border fees
Paysend group, a global Fintech company based in the UK, announced that it is launching a new global stablecoin on the Stellar network. The global stablecoin will provide a consistent store of value that users can hold, or seamlessly trade and transact with in real time. The Paysend stablecoin, will be available by June to its users.
The Paysend stablecoin is built directly on Stellar, which was designed expressly for tokenising assets and making payments. Stellar offers real-time transactions at a fraction of the cost of other blockchain networks.
Paysend’s unique card-to-card and proxy-card technologies currently serves over a million customers worldwide, including 700,000 expats and multi-currency account holders, across 70 countries and currencies. Paysend works with global banks, international and local payment systems, and has partnerships with major international card networks such as Visa, Mastercard, and China Union.
Ronald Millar, CEO of Paysend Plc, a FCA licensed e-money institution, remarks “Our global stablecoin is the perfect solution for Paysend’s 700,000 expats, as well as for our multi-currency account holders. With the Paysend stablecoin, our customers will be able to keep the value of their money consistent and make instant payments anywhere in the world, without cross-border fees.”
Lisa Nestor, Director of Partnerships at the Stellar Development Foundation said, “We’re looking forward to seeing the adoption of the Paysend stablecoin among its users. Stablecoins represent the next generation of digital payments and have the potential to dramatically improve the payments and remittance industry.”
Paysend has its own global network of banks, international and local payment systems and partnering with the three major international card networks; Visa, Mastercard and China Union Pay servicing clients in over 70 countries and currencies to enable instant cross border as well as local payments. Paysend’s unique card to card and proxy card technologies already serve over a million customers worldwide.
About Stellar Stellar is a fast, scalable, and uniquely sustainable platform for decentralised financial products and services. It is both a cross-currency transaction system, designed specifically for international settlement, and a decentralised global marketplace. Dozens of financial institutions and tens of thousands of individuals worldwide issue assets and settle payments on Stellar.