The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. Hake did not hold a position in any security mentioned in the article. If so, XLM will move substantially higher from here. The blockchain might be at the point where it is seen as a successful low-cost blockchain money transfer system. In effect, this could be a situation where XLM is now turning a corner. If they use XLM as a base platform for stablecoin transfers, it will also push the price much higher. If this Moneygram deal, proves successful, it could lead to other major remittance companies using the Stellar Lumens network. “As crypto and digital currencies rise in prominence, we’re especially optimistic about the potential of stablecoins as a method to streamline cross-border payments.” What To Do With XLM The CEO of Moneygram, Alex Holmes, said this about the Stellar deal: MoneyGram’s network will be integrated with the Stellar blockchain to settle the USDC transactions, and United Texas Bank will act as the settlement bank between Circle and MoneyGram. bank will be involved in the crypto and payment process. “So this is just transformational in terms of being able to exchange crypto for fiat and fiat for crypto. Here is what Denelle Dixon, the CEO of the Stellar Development Foundation, said about the deal: dollar developed by Circle, ranked the 10th largest crypto with a $32.2 billion market capitalization. The platform will enable near-instant settlement in USD Coin (CCC: USDC-USD). The Stellar Foundation signed an agreement that will allow it to develop a payments bridge that streamlines money transfers. It signed a major international remittance company, MoneyGram International (NASDAQ: MGI) as a client. 6, Stellar Lumens achieved a major milestone. It uses “ a federated system that uses mutual trust among groups of peers, or “quorums,” and scales this trust across the network to achieve consensus.” The Moneygram Deal Stellar Lumens also has a different governance and validation system than most proof-of-work blockchains like Bitcoin (CCC: BTC-USD). The list includes IBM (NYSE: IBM), Stripe, Franklin Templeton (NYSE: BEN) and many others. The Stellar blockchain now claims to have many partners, according to Blockonomist. That also ranks it as the 22nd largest market cap in the crypto universe, putting it just behind Polygon ( MATIC-USD). They typically cost 1% or more.Īs a result, XLM is gaining popularity and it now has a market capitalization of around $9 billion, according to CoinMarketCap. This is much cheaper than many international transfer transaction costs. Each Stellar Lumens transaction costs just 0.00001 XLM, the equivalent of 0.000038 cents per transaction. One of the chief advantages it has for international transfers of money is its costs. The problem is it’s taking longer than hoped for the crypto to be adopted by national governments and enterprises. Stellar wants to reach the world’s “unbanked” and to allow money to move across borders more easily.
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