The integration of Circle's USDC on the Stellar blockchain has been revealed by Bitstamp, a leading cryptocurrency exchange.
Stellar (XLM) emerges as a beacon of hope for seamless cross-border payments, democratizing financial services regardless of one's geographical location or financial status.
Founded in 2014 by visionaries Jed McCaleb and Joyce Kim, Stellar has garnered recognition for its commitment to financial inclusivity and innovative consensus mechanisms. This article dives into Stellar’s key features, practical applications, and its potential impact on the realm of cryptocurrencies and finance.
Bitstamp, a prominent cryptocurrency exchange, has announced the integration of Circle’s USDC on the Stellar blockchain. This development promises to revolutionize the accessibility and efficiency of transactions for users across Europe.
The partnership is set to introduce multi-chain support, with the inaugural launch of USDC on the Stellar network. This move signifies a significant stride towards faster, lower-fee, and seamlessly integrated USDC deposits and withdrawals.
Stellar, renowned for its commitment to near-instant and cost-effective transactions, provides the ideal platform for such a collaboration. This integration will empower users in Europe to tap into the global ecosystem of applications and payment services facilitated by the Stellar blockchain’s extensive network of on and off-ramps.
At the heart of Stellar lies its ingenious Stellar Consensus Protocol (SCP), a proprietary consensus mechanism that underpins its lightning-fast transaction confirmations, typically taking a mere 3 to 5 seconds. Unlike the energy-intensive mining processes associated with Proof-of-Work systems like Bitcoin, SCP is eco-friendly, consuming minimal energy resources.
Stellar boldly addresses the issue of exorbitant transaction costs prevalent in conventional cross-border payment systems. Within the Stellar network, transaction fees are but a fraction of a cent, facilitating microtransactions and cost-effective international fund transfers.
Stellar boasts a built-in decentralized exchange (DEX) where users can seamlessly trade various assets, including cryptocurrencies and traditional fiat currencies. This feature enhances liquidity and simplifies currency conversion, thereby bolstering the efficiency of cross-border transactions.
To bridge the gap between the Stellar network and traditional financial systems, "anchors" issue tokens on the Stellar blockchain representing real-world assets, spanning fiat currencies, commodities, and securities. These tokens traverse the network seamlessly, facilitating the frictionless movement of assets across international boundaries.
Stellar's core mission revolves around providing affordable financial services to the world's unbanked and underbanked populations. Its technology endeavors to establish connections between financial institutions, payment systems, and individuals, creating a more comprehensive global financial network that empowers marginalized communities.
Shifting our focus to Stellar’s price action, recent charts indicate a prevailing downtrend marked by lower lows over the past few months. Declining investor interest and below-average trading volume have contributed to this negative sentiment. The crypto trades below significant moving averages, emphasizing caution among potential buyers.
As CoinStats, Stellar is currently trading at $0.112415, up 0.95% in the last 24 hours, with a market worth of $3.1 billion. It has a circulating supply volume of 50,001,787,168 XLM coins and a maximum supply volume of 50,001,787,168 XLM coins, with a 24-hour trading volume of $111 million.
As of the latest update, Stellar is valued at $0.111481, with a slight intraday dip of -0.12%. This marks a bounce from the lower trendline near the support mark of $0.110863. The intraday trading volume stands at $78.057 Million, and the market cap at $3.087 Billion.
In conclusion, Stellar (XLM) emerges as a potent force in the world of cryptocurrencies, with its laser-focused mission on transforming cross-border payments. Its distinctive features, from the innovative SCP to the commitment to financial inclusivity, set it apart in an ever-evolving digital landscape.