Wirex CEO says stablecoin card users stay for FX savings, not cashback
Wirex CEO Pavel Matveev says currency conversion savings of up to 2%, not cashback, draw stablecoin card users, with average purchases near $95 and about 12 monthly transactions each.
Why it matters
Card economics now turn on conversion cost and settlement rather than rewards, and the fee income is spread across firms such as Visa, Bridge, Wirex and Rain. Matveev also names issuing permissions, compliance and settlement requirements as the barriers for anyone launching a competing card program.
Key facts
Wirex co-founder and CEO Pavel Matveev said currency conversion savings of up to 2% are a stronger reason to use stablecoin cards than cashback.
2 %Reported by Crypto.News
Matveev said Wirex-issued cards handled about a fifth of the $1.2 billion spent through stablecoin cards in September.
1,200,000,000 USDReported by Crypto.News
Matveev cited average purchases of about $95 and roughly 12 transactions per month for each active Wirex user.
95 USDReported by Crypto.News
Matveev said issuing permissions, compliance and settlement requirements remain barriers for companies launching their own stablecoin cards.
Reported by Crypto.News
Visa reported more than 160 stablecoin-linked card programs on Oct. 1.
160 programsReported by CryptoSlate
Visa said payment volume across its stablecoin-linked programs rose nearly 200% from the previous year.
200 %Reported by CryptoSlate
Visa's partnership with Bridge lets customers in Colombia spend stablecoins while merchants receive Colombian pesos.
Reported by CryptoSlate
What happened
Wirex co-founder and CEO Pavel Matveev told crypto.news that currency conversion savings of up to 2%, rather than cashback, are what keep customers using stablecoin cards, citing average purchases near $95 and roughly 12 transactions a month per active user. Matveev put Wirex-issued cards at about a fifth of the $1.2 billion spent through stablecoin cards in September, and said Wirex settles in six fiat currencies so customers paying in euros or pounds avoid two conversions. CryptoSlate, writing separately on the same sector, reported that Visa counted more than 160 stablecoin-linked card programs on Oct. 1, with payment volume up nearly 200% from the previous year. It named Visa's partnership with Bridge, which lets Colombian customers spend stablecoins while merchants receive pesos, alongside Wirex and Rain as the infrastructure providers splitting fees to cover settlement, fraud and support. Matveev's volume share and 2% savings figure rest on his own account, and neither report priced what a cardholder pays after fees, so the claim that conversion savings outweigh rewards is unverified outside Wirex's numbers.
How the story developed
- Official statement
Visa counts more than 160 stablecoin card programs
Payment volume up nearly 200% year over year; Bridge, Wirex and Rain named as infrastructure providers.
- First report
First report by Crypto.News
Stablecoin cards win users on FX savings, not rewards: Wirex CEO
- Update
Matveev puts FX savings ahead of cashback
Wirex CEO cites up to 2% conversion savings, a $95 average purchase and about 12 monthly transactions per active user, and claims a fifth of September's $1.2 billion stablecoin card spending.
- Independent corroboration
Independently corroborated by CryptoSlate
Stablecoin cards are booming, but who makes money when you swipe?
- Update
Stablecoin card fee economics detailed
CryptoSlate traces how fees are split between payment, conversion, settlement financing and subscriptions, and names Visa's Bridge arrangement in Colombia.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 14 Oct 2026, 18:00 UTC: Crypto.News — 1 independent source, 1 reports
- 17 Oct 2026, 15:00 UTC: CryptoSlate — 2 independent sources, 2 reports
- 18 Oct 2026, 14:00 UTC: CoinDesk — 3 independent sources, 3 reports
- 19 Oct 2026, 03:01 UTC: Crypto News (CryptoNews.net) — 4 independent sources, 5 reports
- 19 Oct 2026, 19:03 UTC: Cointelegraph — 5 independent sources, 8 reports
- 19 Oct 2026, 19:16 UTC: Decrypt — 6 independent sources, 9 reports
- 19 Oct 2026, 19:28 UTC: CoinGape — 7 independent sources, 11 reports
- 19 Oct 2026, 19:40 UTC: Bitcoin.com News, official — 8 independent sources, 12 reports
- 20 Oct 2026, 10:00 UTC: Unchained — 9 independent sources, 20 reports
- 20 Oct 2026, 11:10 UTC: NewsBTC — 10 independent sources, 22 reports
- 20 Oct 2026, 11:45 UTC: The Daily Hodl — 11 independent sources, 23 reports
Affected entities
Also mentioned: Tether USDt, Circle, Ripple, Crypto.com, Bitcoin, Coinbase, Financial Conduct Authority
Original sources
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