Cryptocurrency News

Stellar Network to Power New Savings API Launched by Wire

Stellar Development Foundation (SDF) CEO, Danelle DixonCelebrated the outcome of the partnership with Wire, the payment infrastructure. This company has released a new thrift API for fintechs to provide access to yield earning and thrift products.

Based on the Stellar network and its version of the stablecoin USD Coin (USDC), Created by the Union Union. The API offers a much higher annual yield than most traditional bank accounts backed by the US dollar.

According to the data provided by SDF, this average has been estimated at 0.06%. With Wire Savings API, institutional and corporate clients receive a higher yield for their capital, can access tools for treasury management and power earnings products for their clients.

Stellar supports development of blockchain-based savings and payment features

The API has been designed as an easy on-ramp for those stellar based assets, such as the stablecoin USDC, and offers a “seamless” savings API, according to an official Post Published by SDF Wire CEO Ionis Gianaros said the following on the collaboration:

With this savings API, we are giving fintechs fast access to deposits and the confidence of doing business with a licensed money transmitter. This is a big win for early-stage fintechs who want to rapidly expand the functionality available to their users—especially those looking to accept money and stablecoin savings with earning potential—in the developing world. offer.

Giannaros said they are excited about this launch and the prospect for their customers to take advantage of its savings functionality with yield payments.

Stellar Development Foundation and Wire have been working together for a long time. In early 2021, SDF’s Enterprise Fund invested $5 million in Wire.

The organization believes this new API, in conjunction with cost-efficient Stellar-based Rails for Financial Services, will power a new set of products, such as those launched by Wire.

The Wire Savings Account will pay its earnings monthly. It can mix in value, SDF clarified, and is useless for reaching on-ramp fiat values. SDF CEO said:

As a Stellar anchor, Wire’s industry-leading payment APIs – including its savings functionality – provide Stellar USDC with a simple on-and-off ramp and high-value offerings to partners in developing countries. By making it easier for fintechs to accept funds and provide its users with a way to earn on savings, Wire is simplifying and enriching growth on Stellar and helping to further strengthen the entire network.

Stellar’s partners have operations in more than 50 countries and have processed over $5 billion in transfers executed since 2013. In the US, Wire is licensed to operate as a money transmitter in 27 states. One of the first companies to use its Savings API is the fintech AirTM, a company that has a great presence Latin America.

Users in this region will be able to save money and earn income with Stellar USDC. Also, it will give many non-bank users the option to keep their savings in US dollars. Josh Kleot, Head of Product and Co-Founder of Airtm, said:

Using Wire’s Savings API and Stellar USDC to provide our Latin American clients with the ability to generate income has been a tailwind to encourage their funds to remain in dollar form rather than withdraw to the devaluation of the local currency is.

XLM is trading at $0.41 with minor losses across the board.

XLM is on a decline in the daily chart. Source: XLMUSDT Tradingview

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