As an example, a stablecoin pegged to the U.S. These can then be used to transact on the blockchain, and can be redeemed at any time for the base asset. Stellar was intended to work alongside existing assets and cryptocurrencies, allowing users to create digital representations of any asset as a Stellar token. Stellar would automatically convert yen to XLM, send the payment via blockchain, and reconvert XLM to pesos at the current exchange rate. XLM (or Lumens) fuels activity on the Stellar network - a system designed to help payments (and currencies) cross borders faster and cheaper than with traditional financial-system networks.įor example, a bank in Japan might use Stellar to send money to a bank in Mexico. Instead it’s a decentralized, open network that is supported by a nonprofit foundation called the Stellar Development Foundation (or SDF, for short). To accomplish this vision while maintaining neutrality, Stellar is not set up as a bank or a business. If the Internet connected the world’s computers to enable the free global flow of information, Stellar aims to do the same for money. As a cross-border transfer and payment system that connects financial entities, Stellar aims to unite the world’s financial infrastructure, connecting banks, payment systems, and individuals with near-instant and secure transfers. Stellar’s cryptocurrency, the Stellar Lumen (XLM), powers the Stellar payment network.
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