Wirex, the UK-based digital money platform that allows users to exchange and spend both traditional money and cryptocurrencies, today announced the addition of its first stablecoin – the Dai (DAI) token – to its portfolio.

Dai joins Bitcoin, XRP, Ether, Litecoin, Waves, and Wollo as the seventh cryptocurrency available for users to buy, store, convert, and spend with a Wirex Visa card.

The first decentralised stablecoin on the Ethereum blockchain, Dai exists completely on the blockchain with its stability largely unmediated by any locality.

Dai’s solvency also does not rely on any trusted counter-parties, and the token is backed by a surplus of collateral that has been brought into the audited and publicly viewable Ethereum smart contracts.

Excellent tool

Wirex co-founder Pavel Matveev said that Dai was a good payment option during periods of market volatility.

He said: “Stablecoins are yet another variation of cryptocurrencies and an excellent tool to make international payments at low costs and without volatility.”

Rune Christensen, CEO and co-founder of MakerDAO, explained that the growth towards mass adoption of cryptocurrency required stablecoins.

“Convenient access to stable digital currency is a critical element for growth of the crypto economy,” he said.

“Partnering with Wirex to integrate Dai into their platform creates another way for people to access and use crypto in their daily lives.”