Wirex CEO Cites FX Savings for Stablecoin Cards

Stablecoin card users are primarily motivated by currency conversion savings of up to 2% rather than cashback rewards, according to Wirex CEO Pavel Matveev. Speaking to CryptoNews, Matveev noted that Wirex-issued cards accounted for about a fifth of September's $1.2 billion in total stablecoin card spending.

Transaction Metrics and Settlement

Matveev cited average purchases of roughly $95 and about 12 monthly transactions per active user for Wirex-issued cards, indicating everyday payment usage rather than occasional large transfers. The platform settles transactions in six fiat currencies alongside stablecoins, allowing customers spending in euros or pounds to avoid double currency conversions. According to the executive, these lower conversion costs can exceed the benefits offered by traditional cashback programs.

Wirex operates through partner programs across more than 30 offerings, retaining issuing duties, compliance, and fraud controls while partners manage branding and customer experience. Matveev highlighted that Wirex Limited holds authorization from the U.K.’s Financial Conduct Authority as an electronic money institution.

Market Competition and Regulation

Independent card issuance requires navigating regulatory permissions, settlement arrangements, and network approvals from Visa or Mastercard. Matveev noted that Stripe’s expansion into stablecoin cards validates the issuing business model, though specialized providers continue to compete alongside larger fintech firms. During February’s market downturn, Wirex recorded an increase in payment volume, signaling continued usage despite falling crypto markets.

Key facts

• Currency conversion savings reach up to 2% on cross-border purchases.
• Wirex-issued cards represented about a fifth of September's $1.2 billion stablecoin card spending.
• Average purchases stand at roughly $95 with about 12 monthly transactions per active user.
• Wirex is authorized by the U.K. Financial Conduct Authority as an electronic money institution.