Web3 money app Wirex announced on August 13 it will be supporting EURC settlements via Visa’s stablecoin settlement pilot.
Both Wirex and Visa are seeking to fuel further growth for stablecoin settlements cross-border, in particular for the EURC stablecoin which looks to compete against the popular USD-backed stablecoins, such as USDT and USDC.
Wirex completed the testing phase on the settlement pilot programme and has now enabled EURC settlement capabilities for companies on the Visa Network. This will allow companies to perform real-time settlements using EURC.
Visa added Circle’s EURC to its list of supported stablecoins to its settlement platform in July 2025, making it possible for acquirers and issuers to perform cross-border stablecoin transactions in a more efficient manner.
The integration of EURC settlement also allows Wirex to further strengthen cross-border payments and enhance the efficiency of its crypto-to-fiat conversion infrastructure to enable fast and cost-effective transactions for its users.
“Partnering with Visa to enable EURC settlements is a major step forward in our mission to make digital currencies practical for everyday payments,” said Svyatoslav Garal, Global Head of Payments at Wirex.
“This development empowers us to offer even faster and more reliable transactions, giving our customers a seamless experience when moving between crypto and traditional currencies. We’re also proud to be the first to implement EURC settlements in the EU.”
Needed EURO stablecoin growth?
Wirex has been accelerating its efforts to support stablecoin and other digital currency transactions through past partnerships with Visa and Circle.
The crypto wallet provider became one of the first crypto-native platforms to issue Visa’s stablecoin supporting offerings, like the stablecoin settlement rail, as well as joining Circle’s Alliance programme to collaborate with other companies to support the stablecoin industry.
After helping to settle more than $20bn in stablecoin transactions, Visa is now looking to EURC and the European stablecoin market to replicate similar growth.
“Visa continues to expand our stablecoin capabilities on our network, and our work with Wirex to enable EURC settlement is a strong example of that momentum,” said Rubail Birwadker, Global Head of Growth Products and Strategic Partnerships at Visa.
“It reflects our commitment to modernising money movement and offering our partners the flexibility to innovate using stablecoins.”
EURC is currently the 17th most valuable stablecoin by market capitalisation in the world, despite being the largest EURO-backed digital currency. This is largely due to USD stablecoins dominating the market, a trend which is likely set to continue with help from new US legislation like the GENIUS Act.
While the Markets in Crypto Assets (MiCA) categorises stablecoins into two categories; asset-referenced tokens and e-money tokens, the European Central Bank (ECB) have been favouring the development of a proposed Digital Euro over supporting the growth of stablecoins.
Central bank digital currencies (CBDCs), like the Digital Euro, offer similar payment benefits to stablecoins, such as greater transparency, speed and cheaper remittance fees. However, there are widespread sceptics, especially in the US, who believe the government oversight of CBDC transactions impedes on customer privacy.
As stablecoins continue to surge in growth and interest across the globe, it remains to be seen how they will run in parallel and co-exist with their fiat counterparts, as well as other digital currencies and assets.
