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Stablecoins & Payments
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The Stellar Development Foundatio has invested $5 million USD Enterprise Fund investment in Wyre a leading blockchain payments company. The investment will introduce a wide variety of payment APIs to fintech applications on the Stellar network, integrating with existing anchors and enabling Stellar USDC on/off ramps in existing fiat pairs (USD, GBP, CAD, AUS, and EUR).
"Growing the network of Stellar anchors — stablecoin issuers and on/off ramps — is fundamental to how Stellar connects global financial systems with blockchain technology. Bringing Wyre's industry-leading payment APIs to the Stellar ecosystem will empower businesses, especially anchors, to expand existing payment corridors and develop new ones," said Denelle Dixon, CEO and Executive Director of SDF, who will also now serve on Wyre's board in a seat designated for SDF. "Simplifying expansion and development on Stellar moves us closer to our goal of creating equitable access to the global financial system."
One of the most immediate ways Wyre will support the ecosystem is through USDC, one of the world's leading digital dollar stablecoins, slated to go live on the Stellar network in Q1. Wyre will provide a compliant and reliable way for ecosystem apps to onboard Stellar USDC without requiring developers to create any additional integrations or UI builds. In addition, Wyre's savings product and compliant on/off ramps will incentivize deposits and lending of Stellar assets by making it easy for ecosystem apps to accept funds and allow users to earn interest.
"We're focused on making money transfers easy, cost effective, and truly borderless, so working with the Stellar Development Foundation is a perfect fit. This investment means we can continue our growth into international markets while providing developers an easy way to integrate with the Stellar ecosystem," said Ioannis Giannaros, Wyre CEO. "Building the world's most robust, innovative, and inclusive financial system is a shared objective."
This is the first investment made from SDF's Enterprise Fund in the 2021 fiscal year, bringing the fund's total investments to $14.265M since its launch in FY20.
"The Enterprise Fund was created to support mission-driven businesses that mirror the goals of Stellar — like enabling cross-border payments and global access to financial services — while providing practical value to the Stellar ecosystem," said Jason Chlipala, Chief Operating Officer of SDF. "Our backing of Wyre is the first of several investments we intend to make this year that will drive towards our goals for the Enterprise Fund."
Wyre, founded in 2013, is a licensed money transmitter with store of value facilities and fiat in/out capabilities. Allowing developers to build compliant financial applications in under ten lines of code, Wyre processed $5B in transactions since 2013 and has grown payment processing by 262% since last year.
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