Basic Information
Project Name: WirexPay
Project Track: pay-defi
Team Name: Wirex
Team Members: 8
Social Info
X (Twitter): https://x.com/wirexpaychain
Website: https://www.wirexpaychain.com/
Project Overview
Project Goal: Develop a self-custodial card and bank account payment solution powered by TRON smart account, in addition to existing EVM solution that already works for WirexPay.
Supported by Visa, Wirex Pay aligns closely with Visa’s vision for the future of payments, emphasizing collaboration in driving fintech innovation.
“Partnering with Wirex to help integrate blockchain technology with traditional finance, including the launch of Wirex Pay, aligns closely with our vision for the future of payments while highlighting the importance of collaboration in driving fintech innovation"
— Cuy Sheffield, Head of Crypto at Visa
TRON USDT is the most popular peer-to-peer payment currency but its usage is mostly limited to crypto-to-crypto payments and custodial space while a lot of users would prefer to maintain self-custody on one hand, and be able to easily transfer and spend their assets using conventional banking interfaces.
Offering users a non-custodial banking solution would significantly expand the list of TRON use cases. Similar solutions already exist on EVM (Gnosis Pay) and TON (Holders).
The problem
The solution
Unique Value Proposition
TRON token holders (primarily USDT) will be able to use their assets in card and bank payments maintaining full self-custody and ease of use.
Unlocked use cases:
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Retail card payments, spend USDT at 80m merchants in 200+ countries
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Corporate card payments
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Single ACH and SEPA transfers from TRON accounts
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Mass payouts from TRON accounts
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Standing orders (scheduled payments) from TRON accounts
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Tron branded cards and community-branded cards for Tron ecosystem projects
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Wirex Pay is not just a dApp, it’s infrastructure so other Tron dApps can integrate with Wirex Pay banking and card infra
Co-branded cards for Tron and Tron ecosystem projects
GEO availability
Track record
Project Demo
WirexPay EVM solution is live: https://www.wirexpaychain.com/
TRON-powered solution will share the same user interface and use cases but adding TRON USDT to the list of available currencies.
Expected Completion Date for 2025
Soft launch in November 2025. More details - in the Timeline below.
Current Progress (%)
15%.
Completed steps:
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Business research: key banking and card payment use cases and requirements for a TRON smart accounts are clarified.
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Technical research: TRON feasibility study has been carried out. The project will leverage native TRON multisig and add extra functionality on the smart contract level.
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Technical spec: onchain and offchain specification is completed and ready for development.
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Third-party libraries (including Web3Auth and passkeys) are tested.
Technical & Governance Details
Project Test Instructions
One can simply install the banking application, top up the account, order a card and enjoy full custody over funds combined with a full range of banking services.
Technical Details
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The flexibility of self-custody crypto cards is reached thanks to leveraging the capabilities of smart contract accounts. While the account owner has private keys to maintain full custody over funds, the bank card processing account has rights to spend certain currencies (USDT) under certain limitations (daily, weekly, monthly spending limits).
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To prevent the risk of double-spending, account owner can perform non-card transactions with a several minutes enforced delay (timelock).
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For potentially more complex transactions (e.g. swap TRX to USDT and pay, or send funds to multiple accounts) there will be a batching functionality added. User will be able to execute several transactions with one signature.
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To ensure seamless usage the transaction fees are going to be paid by WirexPay and reimbursed from the transaction fee charged in the transfer currency (USDT).
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For seamless onboarding of non-technical users, there will be passkey- and social-based account creation.
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The project will leverage native TRON gasless payments for USDT
User Interface
Smart Contract Links
Not yet available.
How is the Project Governed?
While contracts are meant to be open source, admin functions for deployed contracts (e.g. for fees adjustments and adding new functionalities) will be accessible by the project team only.
No DAO or token issuance are planned.
Funding & Business Model
Funding Request
- Engineering team (full-time, contract, 10 months)
- 2 Smart contract developers: $160,000
- 2 backend developers: $160,000
- QA engineer (manual and automation): $32,000
- Project lead (coordination, research, specs, communication): $50,000
- Contract audits: $50,000
- Bug bounty (including organizational costs and prizes): $40,000
- Deployments, servers, infrastructure, test funds: $8,000
TOTAL: $500,000
Revenue Model
Transaction fees that vary for different types of clients and transactions. E.g. simple transfers are cheaper than the ones involving batching, scheduling, or defi operations.
Interested in TRON Having a Stake?
Yes.
Preferred Collaboration Method
- Funding for developing the solution
- Technical help in development (if turns out to be necessary)
- Help with auditing the contracts
Ecosystem Impact
Projections for non-custodial solution turnover for the first 12 months:
- All assets: $42.6m per month ($511.2m per year)
- TRON assets: $1.3m per month ($15.3m per year)
Full detailed forecast
Partnerships
- Besides card and bank payments Wirex Pay customers will get access to TRON defi tools: Sun.io, JustLend, stUSDT and more.
Project Milestones
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November 2024 - February 2025: business and technical research, specifications
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March-July 2025: development of the WirexPay TRON protocol
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August-October 2025: audits and bug bounty, addressing issues
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November 2025: soft launch for limited number of customers
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December 2025: public release
Long-Term Vision (Next 5 Years)
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Expand functionality to other banking use cases including SWIFT and SEPA transfers, corporate banking, etc.
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Integrating AI agents for various payment and investment tasks.
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Provide TRON-powered smart accounts as a white-label solution for other banks (there are existing pre-commitments).
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