• Stellar Lumens’ Denelle Dixon has disclosed at an ongoing conference that the UNHCR is leveraging its recently launched open-source tool to send donations to Ukraine. 

• The ongoing conference is being co-hosted by The Digital Dollar Project and the Atlantic Council’s GeoEconomics Center. 

In August, Stellar Lumens announced the launch of its open-source disbursement platform to enable people worldwide to make payments in a faster, cheaper, and more transparent way. According to the latest report, the open-source tool that enables thousands of payments at once is currently being used by the UNHCR to distribute aid in Ukraine, and this is being done over the Stellar Lumens network.

Stellar Lumens has powered multiple platforms for aid purposes with one of the operations happening in December 2022 when the Stellar Disbursement Platform was used in the digital aid disbursement in Ukraine. 

Denelle Dixon Speaks on Open Source Tool Powered by Stellar Lumens

All of these disclosures were made by Stellar Lumens’ Denelle Dixon at the ongoing conference on international standard-setting in Northern Virginia being co-hosted by The Digital Dollar Project and the Atlantic Council’s GeoEconomics Center. According to her, the UNHCR is using digital assets built on the Stellar network to make distributions which are received in Ukraine in approximately three seconds. However, the whole process including the receiver getting a notification to download the wallet to receive the incoming transaction could happen in three minutes. 

Dixon defined Stellar as an open-source blockchain network while explaining the open-source tool recently built. According to her, there is an integration of a wallet that enables users to make payments at scale. 

Following the interview, the price action of Stellar Lumen (XLM) has become positive with a 2.37 percent surge in the last 24 hours, sending its market cap to $3,329,865,527. On top of that, XLM signals a possible bullish run with current bullish market sentiment and a score of 78/100. From the current price of $0.118341, the asset has been predicted to go as high as $0.213013 before the year ends. 

More on the Ongoing Conference

At the ongoing conference, international financial institutions, central banks, governments, businesses, technology providers, etc that seek to explore the world of Central Bank Digital Currency (CBDC) before venturing are taking comprehensive lessons from renowned key figures in the industry. It is important to note that more than 100 countries are currently exploring the implementation of CBDC. The goal is to level set on the key technology and policy-making considerations before a country decides to start its CBDC Implementation. 

CBDCs and dollar-backed stablecoins are increasingly relevant to domestic and international financial infrastructure. However, in the absence of international standards, dozens of different models with varying degrees of safety, privacy, and efficiency are being built worldwide. As the issuer of the world’s reserve currency and “peg” of choice for 98 percent of all stablecoins, the United States should play a key role in international standard-setting regardless of whether the United States eventually issues a CBDC or not.

Over the years, the Stellar network has been seen as one of the unique projects that fit the CBDC initiative since it capitalizes on the trust inherent in users. The Stellar blockchain is designed to enable trusted issuers to create digital representations of their asset. 

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