Stellar Community Fund

By Meru

Meru

SCF #14

$50.0K

Legacy v4.0 Award

Awarded

USD Banking for Latin Americans over Stellar Blockchain

Products & Services

We already have more than 10k registered users and more than 750K in transaction volume: Here is evidence of our transactions through these wallets that are owned by us and we used them to perform our internal operations: * https://stellar.expert/explorer/public/account/GDFVGIS3JBHN4HGKRIHE4XMS56DEOFEH6CXWCDNEALVDFVTO2S6OWQL5 * https://stellar.expert/explorer/public/account/GD2F5BNH5HSJSXXBBKM24UBMLPJEHAMBNXHVRRHSMA35XCKEMXVFPWZT

The main features we already have is USD Savings: In Latin America, it can be difficult to open a USD bank account, and the banks that do offer this service often require a high initial deposit. Meru solves this problem by allowing customers to deposit local currency, which is then used to mint USDc (USD coin) by Circle over the Stellar blockchain. Each user has their own Stellar wallet, so the USDc is deposited directly into their wallet.

Low-cost International Money Transfers: Sending money between countries in Latin America can be difficult and expensive. Meru solves this problem by allowing customers to send money to more than 13 countries in the region. The app uses Stellar to send the payment from the user's wallet to Meru's treasury wallet. Meru then sends the money to the Stellar wallet of a partner company that handles liquidity in most of Latin America. This ensures fast and low-cost money transfers.

Earn Up to 7% APY: Meru allows customers to earn up to 7% APY (annual percentage yield) on their investments. The app uses the yUSDC asset from UltraStellar to offer this feature. Customers can invest their money and earn interest without worrying about scams.

Pay Utility Bills: Meru allows customers to pay their utility bills using their USDc balance. The app partners with a third-party company to exchange the USDc for local currency using the Stellar DEX platform through a local market maker.

We are building a Payroll solution for companies to pay their employees in Latam using Meru platform and wallet using Stellar Payments. The idea is to implement it using Soroban when it is in Mainnet.