Stellar Community Fund

By Wellspring

Inst. Treasury Management Platform

SCF #41

$100.0K

Build

Awarded

Products & Services

Wellspring is a treasury management and payments platform that enables institutions and businesses to receive payments in fiat and stablecoins, custody funds, earn yield, and move money globally from a single dashboard. Through this submission, Wellspring will add Stellar-native functionality to support new and existing companies operating on the Stellar network, including custody of USDC on Stellar (Turnkey), fiat on- and off-ramps via Stellar Anchors (Bridge), and Stellar-based stablecoin payment rails (USDC.xlm & Bridge). Wellspring will also integrate Stellar-native yield venues, allowing treasury balances held in USDC on Stellar to earn yield (Blend). This integration provides a streamlined, compliant treasury solution for businesses in the Stellar ecosystem while increasing broader institutional usage of USDC and payment activity on the Stellar network.

Requested Budget

$100.0K

Traction Evidence

https://docs.google.com/document/d/1r9ojQF8VEOgstmT-KMuvlZD6jZPZfC55rbScWW8Kbbo/edit?usp=sharing

Tranche 1 (Deliverable Roadmap) - MVP

Goal: Stellar Wallet & USDC Integration

Integrate the Stellar blockchain into Wellspring’s existing non-custodial wallet infrastructure to support USDC on Stellar (USDC.xlm) deposits and withdrawals for institutional treasury accounts on Wellspring’s platform. In this structure, Wellspring plans to utilize Chainalysis’ on-chain AML screening API to proactively monitor and scan incoming and outgoing transactions and the wallets they interact with, as well as conducting KYB through Bridge to activate the client’s account inside Wellspring.

Scope

This tranche focuses on enabling Stellar-native wallet functionality alongside Wellspring’s existing infrastructure. Integration will leverage Turnkey for non-custodial key management and signing.

Integration Partner: Turnkey (self-custodial wallet and key management infrastructure)

Completion Criteria

Institutions can receive USDC.xlm into designated Wellspring treasury accounts on Stellar mainnet
Institutions can send USDC.xlm from their Wellspring accounts to external Stellar wallets
All USDC.xlm transactions settle successfully on Stellar mainnet
Wallet creation, signing, and transaction execution function reliably on Stellar blockchain using Turnkey

Requested Budget: $35,000
Technical Architecture Document: https://docs.google.com/document/d/1WFgxCOgcx6A0zfLr26b4JtKGc9NGwbNG/edit?usp=sharing&ouid=103920731595476073914&rtpof=true&sd=true
Founding Team & GTM B2B Sales Strategy: https://docs.google.com/document/d/14bmKYlxrcC7W-wg7oY2vTFe1xlUbHx5LtP2JZLsU8SY/edit?usp=sharing

Tranche 2 (Deliverable Roadmap) - Testnet

Goal: Fiat On/Off-Ramps for USDC on Stellar

Integrate and enable native fiat on- and off-ramping to support USD <> USDC.xlm conversions for institutional treasury accounts on Wellspring’s platform using the Stellar blockchain for 1st and 3rd party payments.

Scope

This tranche enables fiat payment rails to provide a simplified, native on- and off-ramping experience for institutions to convert between USD and USDC.xlm on the Stellar blockchain inside of Wellspring’s platform. The integration will leverage Bridge, a US based regulated Stellar Anchor, to facilitate instant USD <> USDC.xlm conversions at scale, allowing institutions to convert fiat funds into stablecoins on Stellar and convert their stablecoin balances back into fiat for payment purposes. Throughout the process, Wellspring utilizes and relies on Bridges’ KYC/KYB and AML screening services to monitor transactions and verify identities of both the sending party and the transaction beneficiaries who receive the payments, as well as Chainalysis AML screening for on-chain transactions.

Integration Partner: Bridge (US regulated Stellar anchor for fiat and stablecoin orchestration)

Completion Criteria

Institutions can instantly fund their Wellspring treasury accounts in USD that is converted to USDC.xlm on Stellar blockchain inside their Wellspring account
Institutions can off-ramp USDC.xlm from their Wellspring accounts back into USD to their bank accounts (ACH Rails)
Institutions can initiate third-party USD payments converted from their USDC.xlm balances
All conversions and settlements execute reliably on Stellar mainnet and connect with traditional fiat payment rails (ACH)

Requested Budget: $25,000
Technical Architecture Document: https://docs.google.com/document/d/1WFgxCOgcx6A0zfLr26b4JtKGc9NGwbNG/edit?usp=sharing&ouid=103920731595476073914&rtpof=true&sd=true
Founding Team & GTM B2B Sales Strategy: https://docs.google.com/document/d/14bmKYlxrcC7W-wg7oY2vTFe1xlUbHx5LtP2JZLsU8SY/edit?usp=sharing

Tranche 3 (Deliverable Roadmap) - Mainnet

Goal: Stellar-Native Yield Integration to Earn Yield on USDC.xlm

Enable institutions to earn yield on USDC.xlm held inside their Wellspring treasury accounts through Stellar-native on-chain yield venues.

Scope

This tranche adds yield functionality for Stellar-based treasury accounts by integrating Blend, a Stellar-native lending protocol. The integration allows institutions to allocate their idle USDC.xlm balances to well known Stellar-native lending venues to earn yield on their assets directly within Wellspring’s platform. Although funds inside of Wellspring have already been checked through Bridge KYB/AML and Chainalysis’ AML screening, Wellspring again plans to utilize Chainalysis to perform and monitor incoming and outgoing transactions from Blend’s lending markets.

Integration Partner: Blend (Stellar native lending protocol to earn yield on USDC.xlm)

Completion Criteria

Institutions can opt into earning yield on their USDC.xlm held in Wellspring accounts
Institutions can easily allocate and withdraw their USDC.xlm into lending protocols on Stellar’s blockchain (Blend)
Yield is generated through Stellar-native protocols directly on-chain
Yield accrual and balances are visible within Wellspring’s treasury platform and interface
All live and functional on Stellar mainnet

Requested Budget: $40,000
Technical Architecture Document: https://docs.google.com/document/d/1WFgxCOgcx6A0zfLr26b4JtKGc9NGwbNG/edit?usp=sharing&ouid=103920731595476073914&rtpof=true&sd=true
Founding Team & GTM B2B Sales Strategy: https://docs.google.com/document/d/14bmKYlxrcC7W-wg7oY2vTFe1xlUbHx5LtP2JZLsU8SY/edit?usp=sharing

Team

We are a US based team of 3 founders and 3 engineers. We have built and scaled several startups in the past. Most notably, we built and scaled iTrustCapital, the largest CryptoIRA provider in the US with over $10B in AUM.

Andrey Chabanov, CEO: https://www.linkedin.com/in/achabanov/

Stanislav Chabanov, CTO: https://www.linkedin.com/in/chabanov/

Trevor Hoffman, VP of Business Development: https://www.linkedin.com/in/trevor-hoffman/