Wirex, a popular stablecoin payment app, has just announced its expansion into the US market. This move will allow US residents to utilize stablecoins for their daily transactions using Visa Cards.
In line with Wirex, numerous Web3 platforms are now eyeing the American market, driven by the increasing demand for regulatory clarity surrounding stablecoins.
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The entry of Wirex into the US market has been made possible through its partnership with Bridge, a prominent stablecoin payment infrastructure provider. With the collaboration, Wirex Pay offers users the ability to conduct transactions directly from non-custodial wallets through cards and bank transfers, all while retaining full control over their assets.
"We see a growing consumer demand for stablecoin payments and the rising usage of digital assets in day-to-day transactions as the primary drivers behind our expansion into the US market," stated Wirex co-founders Pavel Matveev and Dmitry Lazarichev to BeInCrypto.
Earlier this year, US payment giant Stripe made headlines with its acquisition of Bridge in a groundbreaking $1.1 billion deal. Thanks to Wirex's expansion, US consumers can now leverage stablecoins at over 80 million Visa-accepting merchants across 200 countries.
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Notably, Wirex Pay's co-founder emphasized the significance of the US market due to its substantial base of actively engaged crypto users. The foresee strong adoption in 2025 as stablecoins become more widely accepted.
This strategic move is anticipated to drive increased transaction volumes and make a significant contribution to revenue growth.
"While it's early to make precise projections, we are confident that the US launch of Wirex Pay will be a key growth catalyst for our company in the years ahead," shared the Co-Founders.
The landscape of stablecoin regulations in the US is evolving rapidly, with policymakers increasingly focused on this sector, which could potentially fuel market expansion.
In February, CFTC Commissioner Caroline Pham announced the establishment of a CEO Forum to formulate crypto regulations, with a specific emphasis on stablecoins.
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Prominent industry players, such as Circle, Coinbase, and Ripple, are actively engaging in discussions to influence policy development within a regulatory framework. Noteworthy, Bank of America is closely monitoring these developments. CEO Brian Moynihan mentioned the possibility of introducing a stablecoin should favorable regulations materialize.
The stablecoin market has recently exceeded a record market cap of $225 billion, suggesting that regulatory clarity could further drive adoption.
Ultimately, a clearer regulatory environment could facilitate the deeper integration of stablecoins into mainstream finance. As regulatory advancements unfold, more Web3 businesses are expected to explore opportunities in the US market.