Stellar Enables Low-Cost International Transactions
Launched in July 2014, Stellar aims to narrow the gap between cryptocurrency and traditional finance. Its blockchain allows fiat currencies and other assets to run parallel to one another, while cryptocurrency makes it easier to transfer fiat currency into crypto. Based on the Ripple Labs protocol, Stellar's blockchain is a hard fork, or branch, of the Ripple blockchain, with its code rewritten.
The Lumen, or XLM coin, is the native coin of the Stellar network. Users must hold a minimum balance of one Lumen and pay a minimum transaction fee of 0.00001 Lumen. According to the Stellar website, this fee is "small enough to make Stellar widely accessible but large enough to prevent large-scale bad behavior." The low transaction fee is intended to allow users to transfer money quickly without incurring additional processing fees.
The Stellar Development Foundation (SDF) has partnered with some of the largest companies in finance and technology, including Deloitte, IBM, and Stripe, as well as a dozen financial institutions and payment processors in Asia and Europe. Financial institutions around the world can complete payments and issue assets on the decentralized, scalable network.
On October 6, the Stellar testnet underwent an upgrade to prepare for the release of Stellar Protocol 18, which will enable developers to create automated market makers (AMMs) on Stellar. AMMs increase network liquidity, which is part of Stellar's growth plan for 2021 outlined in its development roadmap. Validators will vote on the public launch on November 3. If approved, the upgrade will be launched on that date.
In July, Bloomberg reported that Stellar had approached US-based global money transfer giant Moneygram International about a possible acquisition in partnership with private equity firm Advent International. However, on October 6, the company announced a partnership to integrate the MoneyGram network with the Stellar blockchain and facilitate payments using the USD Circle stablecoin USDC. Customers will be able to purchase USDC using cash at a MoneyGram location and send it to a recipient as a digital asset on the Stellar network. The partnership aims to increase the speed and reduce the cost of international payments.
The Lumen, or XLM coin, is the native coin of the Stellar network. Users must hold a minimum balance of one Lumen and pay a minimum transaction fee of 0.00001 Lumen. According to the Stellar website, this fee is "small enough to make Stellar widely accessible but large enough to prevent large-scale bad behavior." The low transaction fee is intended to allow users to transfer money quickly without incurring additional processing fees.
The Stellar Development Foundation (SDF) has partnered with some of the largest companies in finance and technology, including Deloitte, IBM, and Stripe, as well as a dozen financial institutions and payment processors in Asia and Europe. Financial institutions around the world can complete payments and issue assets on the decentralized, scalable network.
On October 6, the Stellar testnet underwent an upgrade to prepare for the release of Stellar Protocol 18, which will enable developers to create automated market makers (AMMs) on Stellar. AMMs increase network liquidity, which is part of Stellar's growth plan for 2021 outlined in its development roadmap. Validators will vote on the public launch on November 3. If approved, the upgrade will be launched on that date.
In July, Bloomberg reported that Stellar had approached US-based global money transfer giant Moneygram International about a possible acquisition in partnership with private equity firm Advent International. However, on October 6, the company announced a partnership to integrate the MoneyGram network with the Stellar blockchain and facilitate payments using the USD Circle stablecoin USDC. Customers will be able to purchase USDC using cash at a MoneyGram location and send it to a recipient as a digital asset on the Stellar network. The partnership aims to increase the speed and reduce the cost of international payments.