Stellar Development Foundation (SDF) CEO Denelle Dixon celebrated the outcome of a partnership with Wyre payments infrastructure. This company has launched a new savings API for FinTechs to have access to a savings and performance gain product.
– Denelle Dixon (@DenelleDixon) June 3, 2021
Based on Stellar Network and its version of the stablecoin USD Coin (USDC), created by the CENTER consortium. The API provides an annual return far superior to that of most traditional bank accounts backed by US dollars.
This average has been estimated at 0.06%, according to data provided by the SDF. With the Wyre Savings API, institutional and corporate clients receive more return on their capital, can access treasure management tools, and can drive earnings products for their clients.
Stellar supports the growth of blockchain-based savings and payment functions
The API has been designed to be an easy path to Stellar-based assets, such as the USDC stablecoin, and provides a “perfect” savings API, according to one official. mail published by the SDF. Ioannis Giannaros, CEO of Wyre, had the following to say about the cooperation:
With this savings API, we are giving FinTechs faster access to deposits and the confidence of doing business with a licensed money transmitter. This is a huge advantage for early-stage FinTechs looking to rapidly expand the functionality available to their users, particularly those looking to accept funds and offer stable earning-capacity monetary savings in the developing world.
Giannaros said he is excited about this launch and the possibility for his clients to take advantage of its savings functionality with performance payments.
Stellar Development Foundation and Wyre have been working together for quite some time. In early 2021, the SDF Enterprise Fund made a $ 5 million investment in Wyre.
The organization believes that this new API, in combination with the cost-effective Stellar-based rail for financial services, will power a new set of products, such as the one launched by Wyre.
The Wyre Savings account will make monthly payments from your earnings. This can have a compound value, clarified the SDF, and free to access the fiat value of the entry ramp. SDF CEO added:
As an anchor for Stellar, Wyre’s industry-leading payment APIs, including its savings functionality, provide simple entry and exit ramps to Stellar USDC and high-value offerings for partners in developing countries. By making it easier for FinTechs to accept funds and offer their users a way to earn from savings, Wyre simplifies and enriches Stellar development and helps further strengthen the network as a whole.
The Stellar partner has operations in more than 50 countries and processes more than $ 5 billion in cash transfers executed since 2013. In the US, Wyre is licensed to operate as a money transmitter in 27 states. One of the first companies to use its savings API is FinTech Airtm, a company with a large presence in Latin America.
Users in this region will be able to save money and accumulate profits with Stellar USDC. Also, it will give many non-bank users the option to keep their savings in US dollars. Josh Kliot, Product Manager and Co-Founder of Airtm, said:
Using Wyre’s Savings API and Stellar USDC to provide our Latin American clients with the ability to accumulate earnings has been a headwind to incentivize their funds to remain in dollars rather than being withdrawn to the devalued local currency.
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