CEO of the Stellar Development Foundation (SDF), Denelle Dixon, the result of a partnership with Wyre Payment Infrastructure. This company has released a new Savings API for FinTechs companies to access a savings product and earn a return.
– DenelleDixon June 3, 2021
Based on the Stellar Network and its version of the stablecoin USD currency (USDC), created by CENTER Consortium. The API provides a much higher annual return than most traditional US dollar backed bank accounts.
This rate was estimated at 0.06%, according to data provided by the Syrian Democratic Forces. By using the Wyre Savings API, institutional and corporate clients get a greater return on their capital, have access to treasure management tools and can increase revenue products for their clients.
Stellar supports the growth of blockchain-based savings and payment features
The API is designed to be easy to access these Star based assets, like stablecoin USDC, and provided a “smooth” provisioning API, according to an official Mail Posted by Syrian Democratic Forces. Ioannis Gianaros, CEO of Wyre, said the following about the collaboration:
Through the Savings API, we give FinTechs faster access to deposits and the confidence of doing business with a licensed money transfer device. This is a huge win for FinTechs looking to rapidly expand the functionality available to their users – particularly those looking to accept funds and offer stable currency savings with the potential to be profitable in the developing world.
Giannaros said he is excited about this launch and the potential for his customers to take advantage of savings functions with payouts.
The Stellar Development Foundation and Wyre have been working together for some time. At the beginning of 2021, the Foundation Fund of the Syrian Democratic Forces invested $5 million in Weri.
The foundation believes that this new API, along with the cost-effective Stellar-based rail for financial services, will power a new suite of products, such as those launched by Wyre.
The Wyre Savings account will make monthly payments out of its earnings. SDF explained that this can be complex by value, and sense to get to a fiat on-ramp value. The CEO of the Syrian Democratic Forces added:
As an excellent anchor, Wyre’s leading payment APIs – including its savings functionality – provide simple ramps on and off Stellar USDC ramps and high-value offerings to partners in developing countries. By making it easier for FinTechs to accept funds and offering a way for their users to earn savings, Wyre simplifies and enriches development on Stellar and helps strengthen the network as a whole.
The Stellar partner has operations in more than 50 countries and has processed more than $5 billion in internal transfers made since 2013. In the United States, Wyre has a license to operate as a money sender in 27 states. One of the first companies to use their 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 by using Stellar USDC. It will also give many unbanked users the option to keep their savings in US dollars. Josh Cleot, Chief Product and Co-Founder, Airtm, said:
Using Wyre’s Savings API and Stellar USDC to provide our Latin American clients with the ability to take profits has been a tailwind to incentivize their money to stay as dollars rather than withdrawing to devalue the local currency.
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