Stellar development foundation has made an announcement that USDC token will soon be natively integrated into Wyre’s API. This will allow customers to make payments and move money between USDC and supported fiat currencies easily.
For those who do not know much about Wyre, it is behind helping cryptocurrency companies connect to the fiat world. Typically, Wyre brings customers that fall into either of two categories – one includes cryptocurrency-related businesses that need crypto-to-fiat rails and second includes traditional payment businesses that have started accepting cryptocurrencies.
Wyre will be making use of Stellar’s anchor functionality to build bridges between USDC between myriad supported local currencies including Mexican Peso. It will also become anchor for British Pound (GBP), Canadian Dollars (CAD), Australian dollars and euros.
Initially, Wyre was making use of Bitcoin to settle USD to Mexican Peso payments but due to high transaction fees on bitcoin network, Wyre has decided to make use of much-faster Stellar network for faster and cheaper services for its customers.
I love stellar. It moves quickly, cheaply and efficiently. I like to see this dev on such a quality chain. Moreeee!
— More Futures (@MoreFutures) February 25, 2021
We are looking forward to see how many transactions will happen throughout this year on Stellar network. This will also bring much more liquidity in XLM.