Stellar is an open-source decentralized protocol that allows the creation, transfer, and trading of digital representations of currencies such as USD, Euro, and Bitcoin. Stellar was founded in 2015 by the Stellar Development Foundation with the aim of enabling all financial systems in the world to run on a single network.
Stellar describes itself as “owned by the public” because of its decentralized nature. Although blockchain is used to synchronize the entire system, the product that the end user receives is cash. Stellar is a cheaper, faster, and energy-efficient alternative to many blockchain-based systems.
XLM is up 23.37% in the last 24 hours. Stellar and Bitso, a crypto-backed financial services platform, have announced that they will collaborate to promote international USDC payments in Latin America. Bitso will use Stellar’s Anchor Network to facilitate cross-border payments and remittances to Argentina, Mexico, and Colombia. On July 17, Stellar announced a partnership with HoneyComb, a cross-border remittance app. All these positive developments may have been instrumental in the rise of XLM.
