- Stellar’s toolkit received significant upgrades at the conference, simplifying integration and supporting DeFi applications.
- MoneyGram expanded its presence on Stellar, offering cash-to-crypto services with Circle’s USDC stablecoin.
The Stellar Development Foundation’s annual gathering, Meridian 2023, recently concluded in Spain, focusing on “Unlocking Human Potential” through blockchain technology. The event attracted diverse participants, including developers, entrepreneurs, policymakers, and industry leaders from traditional and decentralized finance sectors.
Venturing into the Stellar Ecosystem
MoneyGram, which integrated MoneyGram Access™ with the Stellar network last year, is set to strengthen its ties by incorporating Circle’s USDC stablecoin. This move enables consumers to purchase USDC with cash at MoneyGram locations and convert it into local currency. This offers a valuable service in regions with unstable currencies.
Bitstamp, a notable cryptocurrency exchange, announced its support for USDC on the Stellar Network. This decision simplifies European users’ access to the Stellar ecosystem, facilitating their exploration of various Stellar-based applications and services.
🚀 Exciting news! Bitstamp is breaking boundaries with lightning-fast USDC transfers on the Stellar network. Say goodbye to slow transactions and high fees – the future of crypto is here! 🌟 #Bitstamp #Stellar #USDC #CryptoRevolution https://t.co/WuWA6z9kJM pic.twitter.com/TUtIdtyvHW
— Collin Brown (@CollinBrownXRP) October 3, 2023
EURC, Circle’s stablecoin, brings numerous benefits, including facilitating remittances, real-time payments, and foreign exchange. This digital representation of one of the world’s most traded currencies unlocks many possibilities, including facilitating remittances, real-time payments, fiat and crypto exchanges, and more. Notably, LATAM-based company Ripio is leveraging EURC on the Stellar network to benefit over 7.7 million users across various transactions, including P2P and B2C payments.
Major Upgrades to Stellar Tools
Additionally, the conference significantly enhanced Stellar’s toolkit. The Anchor Platform, designed for streamlined integration with the Stellar network, introduced a second ‘standard’ for on and off-ramping. This improvement simplifies the process for businesses looking to connect to the Stellar blockchain and provide services through digital wallets.
The Stellar Asset Sandbox, a platform for exploring asset tokenization on the Stellar network, introduced new features. They include role-based access control, expanded token management, treasury management, and custodial solutions. The Sandbox now supports Soroban, allowing users to test DeFi applications powered by smart contracts on the Soroban testnet.
The Stellar Disbursement Platform (SDP) welcomed its first third-party host, Zodia, enabling organizations that lack technical expertise to utilize the SDP for efficient bulk disbursements. The open-source nature of the SDP ensures accessibility and improvement without external permissions.
Additionally, two new wallets, Beans and Boss Money, are fully integrated into the SDP. These wallets offer various use cases, including aid disbursements, saving and investing, payments to suppliers and workers, and more.
Enhancements in the Stellar Wallet Ecosystem
Meridian 2023 brought exciting updates to the Stellar Wallet ecosystem. Fintech companies can now seamlessly integrate the Stellar Wallet SDK, enabling them to build network-enabled wallets without an in-depth understanding of blockchain technology.
Institutional-grade custody provider Copper announced support for assets like XLM and USDC on the Stellar network, enhancing the security and accessibility of these digital assets.
IDT introduced Elroy, a consumer digital wallet serving corridors between the United States and Latin American countries, such as Mexico, Argentina, Brazil, and Colombia. This expansion onto the Stellar network aims to provide fee-free services, fostering financial inclusivity in these regions.
Soroban Safety: A Unique Partnership
In a significant announcement, the Stellar Development Foundation revealed a long-term partnership with Certora, a global security company renowned for its formal verification tools and continuous integration services. This collaboration ensures the reliability and compliance of new code developments. Thus enhancing the overall security of the Stellar ecosystem.
Soroban, as the first WASM runtime supported by Certora, offers builders a robust platform for blockchain development, further solidifying the Stellar network’s commitment to security and innovation.
