Stellar Lumens to add smart contracts, partners with MoneyGram to expand ecosystem and get on another level
Partnership
Stellar Lumens enables the cryptocurrency community to quickly produce, sell, and transmit digital representations of any kind of money. Many assume that is a competitor to XRP, Ripple’s native cryptocurrency. However, there is much more to the dynamic, since the two cryptos operate in markedly different ways. XLM has recently expanded its ecosystem by integrating smart contracts and partnering with MoneyGram. The project’s only purpose is to demonstrate its exclusive value.
In the cryptosphere, there has been considerable noise regarding Stellar Lumens making a move into the central bank digital currency (CBDC) area. This is similar to how XRP has worked with Bhutan and Palau. Notably, XLM’s ecosystem is named after a well-known figure in Ukraine’s FinTech business. Yi emphasized, however, that the electronic Hryvnia initiative is not a CBDC since the currency is privately issued. However, a spokeswoman for the Stellar Development Foundation stressed that the initiative is in discussions with CBDC companies regarding possible collaborations.
Quotes
Stellar Development Foundation (SDF) spokesperson, Carolyn Yi, said: “AMMs on Stellar have introduced more efficient pathways for cross border transactions (as of January 10, 2022, about 30% of swaps were routing through the AMMs), and the ability for developers to flexibly source liquidity support for any Stellar-based project on-demand. As of January 10, 2022, there was over $40 million in TVL.”
In a just-released 2022 strategy, Stellar emphasized the need of attaining network scalability via “trust-minimized innovation.” Additional objectives include increasing involvement, innovation, and diversity. Concerning Stellar’s priority areas, the roadmap said: “For our work at the country level, we will continue to focus on network effects, in the markets that are best suited to create expansion for existing network participants: Mexico, Brazil, Kenya, Ukraine, the United States, and Canada.”
