Wirex, the European Visa debit card payment service, has announced that it has added the stablecoin DAI among its cryptocurrencies. This is the first stablecoin to enter the circuit.
Through the Wirex Debit Card (which is part of the VISA circuit) and through the Wirex app, in addition to Bitcoin, Ether, XRP, Litecoin, Waves and Wollo, it is now possible to buy, store, trade and spend in Europe the stablecoin DAI by MakerDAO.
On its official blog, Wirex explains the reasons that led the app, which supports the use of crypto for payments in 130 countries around the world, to choose to add a stablecoin.
In particular, Wirex co-founder Pavel Matveev said:
“We want to give our customers access to a full array of cryptocurrencies. Stablecoins are yet another variation of crypto that demonstrates how easily and efficiently it can be integrated into everyday life”.
Dmitry Lazarichev, also co-founder of Wirex, declared:
“Dai is an excellent tool to make international payments at low costs without the volatility. The token feeds into our ethos of enabling mainstream crypto adoption by streamlining traditional and cryptocurrencies. Dai is a solid addition to our existing cryptocurrency portfolio”.
The DAI stablecoin is a US dollar pegged token created on the Ethereum blockchain to be used on Maker’s decentralised platform.
Originally designed to serve the Chinese market as a liquidity tool (DAI in Cantonese Chinese means “to lend”), the use of the DAI token has since expanded to the point that today MakerDAO has seven offices worldwide.
For its original architecture, DAI is supported by the Maker (MKR) and Ether (ETH) tokens and the price is stable thanks to a smart contract, although the value is 1:1 with US dollars, the CEO of DAI, Rune Christensen says:
“Dai has the potential to become the first currency in the world that is immune to hyperinflation and hyperdeflation”.
According to the report, this potential is measured by the mechanisms of DAI’s underlying smart contract whereby, if the DAI price exceeds the US dollar, more DAI tokens are automatically created to reduce the price. If, on the contrary, its price decreases, the tokens are sold to counterbalance the value