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Popular stablecoin payment app Wirex has recently expanded to the US market. The app will allow US residents to use their stablecoins for daily transactions via Visa Cards.
Like Wirex, many other Web3 platforms are increasingly looking to enter the American market as lawmakers are pushing for regulatory clarity for stablecoins.
Using Stablecoins For Everday Purchases Across 80 Million Merchants
Wirex’s entry into the US market is supported by its collaboration with Bridge, a leading stablecoin payment infrastructure provider.
Through this partnership, Wirex Pay enables users to transact directly from non-custodial wallets using cards and bank transfers while maintaining full control of their assets.
“While regulatory clarity is always beneficial for innovation, our expansion into the US market is primarily driven by growing consumer demand for stablecoin payments and the increasing adoption of digital assets for everyday transactions,” Wirex co-founders Pavel Matveev and Dmitry Lazarichev told BeInCrypto.
Earlier in 2024, US payment giant Stripe acquired Bridge in a landmark $1.1 billion deal. With Wirex’s expansion, US consumers can now use stablecoins at over 80 million Visa-accepting merchants across 200 countries.
Wirex Pay’s co-founder highlighted the US as a key market due to its large base of active crypto users. They anticipate strong adoption in 2025 as stablecoins gain wider acceptance.
This move is expected to drive higher transaction volumes and contribute significantly to revenue growth.
“While it’s too early to provide exact projections, we’re confident that Wirex Pay’s US launch will be a key growth driver for our company in the coming years,” the Co-Founders said.
Regulatory Developments Shaping the US Stablecoin Market
US lawmakers are increasingly focused on stablecoin regulations, which could accelerate market growth.
In February, CFTC Commissioner Caroline Pham announced a CEO Forum to develop crypto regulations, strongly emphasizing stablecoins.
Leading industry players, including Circle, Coinbase, and Ripple, are participating in discussions to help shape policies through a regulatory framework.
Meanwhile, Bank of America is also monitoring developments closely. CEO Brian Moynihan stated that the bank could introduce a stablecoin if favorable regulations are enacted.
Also, the stablecoin market recently surpassed a record $225 billion market cap. Regulatory clarity could push adoption further.
Stablecoin Market Cap. Source: DefilLama
Ultimately, this would help integrate stablecoins more deeply into mainstream finance. More web3 businesses will likely look to expand into the US market as regulatory developments continue to unfold.
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