With the new stablecoin, over one million Paysend users will be able to send instant global payments without the traditional cross-border fees.
Paysend Group, a global London-based fintech company 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 in June 2019.
The Paysend stablecoin is built directly on Stellar, which was designed expressly for tokenizing 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, 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.”