Stellar Foundation invests 5 million USD in Wyre Blockchain payments company

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.