Wirex CEO: FX savings, not rewards, drive stablecoin card adoption

Wirex-issued cards accounted for roughly 20% of the $1.2 billion in total stablecoin card spending recorded in September. Matveev notes that by allowing settlement in six different fiat currencies, the platform enables users to avoid the double conversion fees often associated with dollar-only cards. This efficiency can save consumers up to 2% on international purchases, a benefit that persists regardless of issuer marketing budgets.

Matveev views these cards as tools for everyday commerce rather than niche instruments for large transfers, citing an average transaction size of $95. He emphasizes that true adoption metrics should focus on retention after six months and a broad distribution of volume across the user base. While competitors like Stripe and platforms like SoFi are expanding their footprint in the sector, Matveev maintains that the regulatory complexity of obtaining direct issuing permissions and managing compliance remains a significant barrier for new entrants. Wirex mitigates these risks by maintaining its own principal memberships with Visa and Mastercard, allowing it to handle identity verification and fraud monitoring in-house.