Remitly has planned to launch Remitly Wallet, leveraging stablecoins to improve cross-border payments for its clients.
To continue to cater to the ever-evolving needs of its customers, including the demand for greater stability for received and sent funds from abroad, Remitly leverages stablecoins to enable users to preserve value amid currency fluctuations. Remitly Wallet is a secure, multi-currency solution for fiat currencies and digital assets like stablecoins. Fully integrated into its platform, the wallet offers a safe and flexible way to hold and transfer funds internationally in a centralised environment. The wallet is currently in beta testing, with plans to officially launch in September.
Using stablecoins for improved international transfers
When used accordingly, stablecoins can improve speed, accessibility, and reliability by furthering innovation in the cross-border sector, especially in regions where individuals face issues when trying to access and manage their money. Millions of people navigate finances between currencies as they support loved ones, pursue jobs abroad, attend school, or run global businesses. Remitly chose stablecoins as a way to modernise cross-border transfers, leveraging their potential for fast settlement and reliability.
In 2021, the remittance company started supporting fiat off-ramps for crypto platforms such as Novi and Coinbase. Its global payout network, together with its compliance and licensing infrastructure, allowed wallet providers to convert digital assets into local money, bridging the gap between Web3 and real-world use cases. Currently, the regulatory clarity surrounding the industry allows Remitly to scale stablecoin applications across three areas of its business related to management, storage, and money movement globally.
In September, the company will also add stablecoin rails to its global disbursement network through a new partnership with Bridge. The collaboration will offer customers in specific markets the option to receive stablecoins into a wallet of their choice, routed from Remitly’s existing fiat infrastructure. The fiat network enables instant cross-border transfers to recipients in over 170 countries, including bank accounts, mobile wallets, and cash pickup. The alliance with Bridge aims to improve the reach and flexibility of the company’s platform.
