Paysend, an FCA regulated payments platform, has officially launched its anticipated stablecoin. The Pays XDR stablecoin is backed by a basket of five fiat currencies including the US Dollar, Euro, Yen, Chinese Yuan and Pound Sterling. The stablecoin is using the Stellar blockchain and is based on the IMF SDR basket of currencies.

Paysend has launched a separate website for the stablecoin.

Paysend currently services clients in over 70 countries and multiple currencies.

Pays XDR is designed to be a trustworthy crypto for international payments. Users may move in an out of the crypto seamlessly and utilized for payments and transfers on Paysends platform. Merchants may accept Pays XDR just as they accept PayPal or a Visa card.

Paysend says that Pays XDR can provide the “missing element to transform the existing global payments system into a sustainable solution for the world, today and in the future.”

Ronald Millar, CEO at Paysend said the stablecoin is fully audited and already integrated into existing financial networks such as the Paysend Global Network. He calls Pays XDR the most stable global currency, allowing customers to pay, hold, exchange and spend both online and offline anywhere in the world.

Tom Zschach, an Advisory Board member of Paysend and CIO at CLS – a leading provider of FX settlement services, stated:

“Stablecoins are another mega trend that have the potential to disrupt the retail payment industry. By combining an innovative solution for transfer time (instant), cost (free) and stability (fully collateralized basket of currencies), Pays XDR is paving the way for wider acceptance and adoption of programmable money.”

Meanwhile, Paysend’s crowdfunding round has topped its goal of raising £4.26 million on Seedrs. The offer is still live and in overfunding mode.

To date, 549 investors have committed £4.396 million for a 3.4% stake in the company with a pre-money valuation of £125 million.