In a significant step towards enhancing the adoption of stablecoins, VirgoPay, a promising new application from VirgoCX Global Holdings, is gearing up for a big launch. Partnering with Vaulta—the company formerly known as EOS—the duo is set to pave the way for a revolutionary approach to remittances using stablecoin technology. Both hailing from Canada, these Web3 firms are known for their innovative spirit, and their latest collaboration is sure to make waves in the financial landscape.

Transforming Cross-Border Transactions

VirgoPay addresses the longstanding issues of cross-border payments—namely, their sluggish speed, high costs, and limited accessibility. In many regions with underdeveloped banking systems, these problems can be especially pronounced. Scheduled for a May 2025 rollout, VirgoPay is designed to streamline cross-border transactions for users around the globe.

With VirgoPay, users can easily add funds through traditional local payment methods like bank transfers and e-transfers. Alternatively, they can use cryptocurrency wallets to fund their transactions. Post-payment, users will have real-time tracking of their payments, ensuring transparency and peace of mind. On receipt, recipients will receive the funds in their chosen currency within seconds, thanks to Vaulta’s high-throughput blockchain infrastructure. VirgoPay aims to process over 2 billion Canadian dollars via its OTC platform by 2025.

A New Dawn for Cryptocurrency

The transition from EOS to Vaulta marks a turnaround for the blockchain network, breathing new life into its previously struggling digital coin. Vaulta’s integration with VirgoPay reflects a renewed vigor and opens pathways for more robust financial solutions. As stated in CoinGape, these endeavors highlight how pairing stablecoin technology with blockchain infrastructure can lead to revolutionary financial solutions.

The Rising Use of Stablecoins

Stablecoins are gaining traction worldwide for their efficiency and cost-effectiveness in remittances. They have chopped off up to 70% of fees typically inherent in conventional remittance services. The World Bank’s 2023 data shows stablecoin transaction fees are typically lower than 1%, a staggering contrast to the global average remittance fee of 6.2%.

The August 2024 Coinbase report, “Stablecoins and the New Payments Landscape,” underscores this trend. It reported \(10.8 trillion worth of stablecoin transactions in 2023, with \)2.3 trillion derived from organic activities such as cross-border payments and person-to-person remittances. Yet, the report emphasizes that the potential for stablecoins in directly facilitating global remittances is immense.

Initial Rollout to Key Markets

VirgoPay’s first phase will target essential global corridors, including the US, Hong Kong, Canada, Argentina, Brazil, and Australia, with future expansions set for South America and the Middle East. This strategic move is poised to greatly benefit the remittance industry, projected to exceed $1 trillion by 2029.

In summary, the VirgoPay and Vaulta collaboration signifies a pioneering movement in deploying stablecoin technology, offering cost-effective and swift financial solutions on a global scale.