Denelle Dixon, CEO of Stellar Development Foundation (SDF), celebrated the outcome of a collaboration with payment infrastructure Wyre. This company has launched a new Savings API to provide FinTechs with access to a yield earning and saving product.
Based on the Stellar Network and the CENTRE consortium’s version of the stablecoin USD Coin (USDC). The API offers a much higher annual yield than most traditional bank accounts backed by the US dollar.
According to data provided by the SDF, this average is estimated to be 0.06 percent. With the Wyre Savings API, institutional and corporate clients can get more yield for their money, gain access to money management tools, and power earnings products for their customers.
With this Savings API, we provide FinTechs with faster access to deposits as well as the assurance that they are doing business with a licensed money transmitter. This is a huge win for early-stage FinTechs looking to quickly expand the functionality available to their users, particularly those looking to accept funds and offer stable currency savings with earning potential in the developing world.
Giannaros said to be excited about this launch and the possibility for their clients to leverage its savings functionality with yield payouts.
The Stellar Development Foundation and Wyre have been working together for quite some time. At the beginning of 2021, the SDF’s Enterprise Fund made a $5 million investment in Wyre.
The organization believes that this new API, in conjunction with the cost-effective Stellar-based rail for financial services, will power a new set of products, such as Wyre’s.
