- Stellar introduces open-source ‘Stellar Disbursement Platform’.
- It allows for faster and transparent global digital disbursements.
- Stellar also secures a minority stake in MoneyGram, contributing to digital transformation.
Stellar, a blockchain-based payment network, unveils the ‘Stellar Disbursement Platform’. In particular, this open-source solution is designed to revolutionize digital disbursements worldwide.
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Developed by the Stellar Development Foundation (SDF), the platform allows swift, cost-effective, and transparent bulk disbursements using digital assets for various purposes, including gig worker payments and digital aid distribution.
Initially piloted for digital aid disbursements in Ukraine, the Stellar Disbursement Platform is now open-source and accessible for global adoption and further enhancement.
The platform enables users to send funds to thousands of recipients within seconds, catering to applications such as supplier payments, payroll management, and contractor remuneration. Seamless integration with Stellar’s extensive network covering over 180 countries empowers recipients to easily convert digital currency to cash.
Denelle Dixon, CEO of the Stellar Foundation, emphasizes the platform’s impact on digital aid disbursements and its evolution into a comprehensive payment solution. Jeremy Allaire, CEO of Circle, acknowledged the platform’s potential in advancing global disbursement practices, particularly in humanitarian aid.
The open-source nature of the platform underscores Stellar’s commitment to collaboration within the blockchain community, aiming to create a more accessible and transparent financial future for gig workers, global payroll systems, and creators.
Stellar’s launch of the open-source Stellar Disbursement Platform marks a significant stride toward enhancing digital disbursements worldwide. In fact, the platform’s range of applications and integration with Stellar’s network streamlines payment processes for individuals and organizations, ensuring faster and more transparent transactions.
Stellar Foundation Secures Minority Stake in MoneyGram
In another development, the Stellar Development Foundation recently participated in a go-private transaction with Madison Dearborn Partners (MDP), solidifying its position as a minority investor in MoneyGram. This move grants SDF a seat on MoneyGram’s Board of Directors, enabling active contributions to the company’s digital strategy and future.
The investment aligns with SDF’s mission to facilitate secure and efficient global money movement across countries. SDF’s involvement supports MoneyGram’s digital advancement and aligns with SDF’s vision of inclusive financial access.
Despite recent protocol developments, Stellar’s native token XLM has faced consistent decline, currently trading at $0.1262, reflecting a 2.4% decrease in the past 24 hours and a 13.8% decline in the last two weeks.
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