Businesses on Stellar tend to focus on payment use cases such as remittances or corporate disbursements. But Wyre, a crypto infrastructure and banking-as-a-service provider, is more interested in developing tools to help these businesses build on Stellar. With an API that supports more than 25 use cases and takes partners less than six hours to integrate with, Wyre enables users worldwide to make payments through its partners’ apps. Stellar USDC will soon be natively integrated into Wyre’s API, allowing customers to make payments and move money between the world’s leading digital dollar stablecoin and local fiat currencies.
Wyre attracts customers that usually fall into two categories: crypto businesses that need fiat rails, or more traditional payment businesses that are open to leveraging crypto. The need for fiat rails means that becoming a USDC anchor on Stellar is a no-brainer for Wyre. As an anchor, Wyre will be able to expand its business internationally and plans to build corridors between USDC and different local currencies, starting with the Mexican peso (MXN).
Wyre initially relied on Bitcoin or exchange markets to support USD-MXN, one of Wyre’s biggest corridors for cross-border payments. However, these entities command high transaction fees while delivering slow transaction speeds. With Stellar USDC, Wyre can take advantage of the Stellar DEX, achieving favorable foreign exchange rates and moving money quickly. By leveraging liquidity from both custodial exchanges and the Stellar DEX, with trusted anchors on each end, Wyre can provide better, faster, and cheaper service to its customers.
After establishing a USDC-MXN corridor, Wyre will focus on becoming a USDC anchor for GBP, CAD, AUS, and EUR. Establishing these new corridors allows other businesses on Stellar to take advantage of the new on/off ramps and expand its services to different markets. The Stellar network and ecosystem is primed to grow substantially via these on/off ramps into new markets.