Wyre integrates Stellar as Flare Network makes XLM an F-Asset

  • Wyre is now a USDC anchor and will help businesses to build seamlessly on the Stellar network. 
  • Flare Network announced that it will be integrating Lumens (XLM) as an F-Asset. 

Businesses will now be able to build on Stellar in hours and support over 25 use cases on the network. Wyre announced that it will act as a banking-as-a-service provider, providing companies with an API to interact with the Stellar network and use the USDC stablecoin in a very short time.

Stellar first announced its relationship with Wyre a month ago when it invested $5 million in the firm. As CNF reported, the Stellar Development Foundation described Wyre as a natural fit, expressing optimism that the two would push the Stellar ecosystem forward. SDF CEO Denelle Dixon also joined the Wyre board as part of the deal.

Now, Wyre has revealed that it’s focusing on extending Stellar’s capabilities beyond payments.

“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,” Wyre stated in a blog post.

Wyre will soon integrate Stellar USDC, it revealed. This will allow customers to move money between the world’s second-largest stablecoin and various local currencies. The first local market Wyre will target will be Mexico, offering a USDC-Mexican peso payment rail. The company has been relying on Bitcoin or exchange markets to serve the country, which is its biggest market. However, Bitcoin’s fees have proven to be a challenge.

The San Francisco-based firm stated, “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, Wyre can provide better, faster, and cheaper service to its customers.”

Once it establishes the USDC-Mexican peso corridor, Wyre will move on to other currencies including GBP, euro, Canadian dollar and the Australian dollar.

XLM is coming to Flare

In yet another positive announcement for the Stellar community, Flare Network has revealed that it will be integrating XLM as an F-Asset. Flare is the world’s first Turing complete Federated Byzantine Agreement (FBA) network. It offers a new way of scaling smart contract platforms without linking safety to the value of the token.

XLM will be the fourth F-asset alongside XRP, Litecoin (LTC) and Dogecoin (DOGE). While announcing the XLM integration, Flare claimed this would bring the token to scalable smart contracts and serve as a trustless gateway to Stellar.

“Decentralization is far too important for maximalism. Ecosystems must be united,” it added.

XLM received an overwhelming support from Flare’s community of users in a Twitter poll last month. The company had asked its users which digital asset it should add next – Bitcoin SV, Bitcoin Cash or XLM. 81.4% of the 6,475 voted  for XLM, with BCH trailing at a distant second place with 15.5%.

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Steve has been a blockchain writer for four years, and a crypto enthusiast for even longer. He is most excited by the application of blockchain to solve the challenges facing developing nations.

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