Paysend launches Pays XDR – the definitive stable coin
Paysend Group, a global Fintech company based in the UK, announced that it is launching a new global digital currency, Pays XDR.
This stable coin is 100% backed by cash reserves and the reserves are matched in the exact proportion of the International Monetary Fund’s Special Drawing Rights (“XDR”).
The XDR is the currency used by the IMF to settle transactions between member states at central bank level. It is a basket of 5 currencies (USD, GBP, EUR, JPY, CNY). It is not traded as a separate currency.
Paysend has used the IMF’s model for a basket currency to create the Pays XDR as a tradeable digital currency. In addition, by ensuring that the currency is backed 100% by cash reserves, and instantly tradeable into cash, it ensures the value of the currency will always match the cash reserves.
Ronald Millar, CEO at Paysend commented “The launch of Pays XDR to our customer base is the next step in our journey to create money for the future. Pays XDR can be transmitted instantly globally for free and used or converted to cash at any time. This is a digital currency that the consumer market can trust. Our next phase will be to make Pays XDR available to our business customers so that they too can transfer money and pay cross border bills as simply and quickly as sending a text.”
The currency will be available for Paysend’s customers via its Global Account and in a specific Pays XDR wallet. The reserves supporting the currency will be independently audited and openly published.
Tom Zschach, an Advisory Board member of Paysend and CIO at CLS - the world leading provider of FX settlement services – said: "Stable coins are another mega trend that have the potential to disrupt the retail payment industry. By combining an innovative solution for transfer time (instant), cost (free) and stability (fully collateralised basket of currencies), Pays XDR is paving the way for wider acceptance and adoption of programmable money.”
You can register your interest in Pays XDR now by checking the new website for all relevant information and the latest news at https://www.paysxdr.com
Notes to editors:
Paysend is a global Fintech company based in UK and regulated by the FCA.
Paysend has its own global network of banks, international and local payment systems and is partnering with the major international card networks: Visa, Mastercard and China Union Pay as a principal member and certified processor.
Servicing clients in over 70 countries and multiple currencies, Paysend enables instant cross border as well as local payments in a way which is simple and smart. Paysend’s unique card to card and proxy card technologies already serve over a million customers worldwide.
Paysend is money for the future.