Blockchain payments company Wyre has announced a new Wyre Savings API that offers global FinTechs the access to yield-earning savings products leveraging Stellar USDC.
With Wyre Savings API, the earnings rate will be several times the average traditional US dollar savings account. Wyre enterprise clients can choose to access the Savings API for personal use (treasury management, for example) or to power earning products for their end users.
This new API immediately follows after the Stellar Development Foundation’s Enterprise Fund invested $5 million in Wyre early this year.
Enterprises, institutions and Stellar ecosystem partners will now have access to an easy on-ramp to Stellar-based assets such as USDC, alongside a seamless Savings API. This new feature is an add-on to the Stellar network’s fast, low-cost rails for financial services products and integrations.
The earnings in Wyre Savings accounts are paid out on a monthly basis and combine in value. There is no fee to be paid for on-ramping fiat value through ACH to the savings wallets.
Currently with over $5 billion transferred since 2013, Wyre provides an advanced range of financial services to individual, business and enterprise clients. These services include fiat-to-crypto on-ramps, payouts, compliance, crypto wallet infrastructure, foreign exchange, and savings accounts.