Stellar Launches Open-Source Platform for Global Payments

Stellar has rolled out its open-source disbursement platform after a year of development and piloting in Ukraine.

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  • Stellar has launched an open-source platform.
  • The platform pioneered in Ukraine’s humanitarian intervention.
  • The company is solidifying its presence in digital P2P payments.

Blockchain-based payment network Stellar has launched an open-source disbursement platform for global payments. Previously piloted for cash-based humanitarian intervention in Ukraine, the blockchain payment technology is now open-source, making it accessible for more improvement and wider adoption.

“Today, we unveiled the magic that makes our organization’s aid disbursements possible, the Stellar Disbursement Platform. After a year of hard work and patience, it's live and now available to anyone through the power of open-source,” read the announcement of Denelle Dixon, CEO & Executive Director of Stellar Development Foundation (SDF).

Inroads to Mainstream Digital P2P Payments

SDF has steadfastly intended to penetrate the mainstream market for digital peer-to-peer (P2P) payments. Today’s launch comes two days after the CEO announced via a blog post that SDF had become a minority investor in MoneyGram International Inc. (MGI) through a recent go-private transaction with Madison Dearborn Partners (MDP).

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In the post, the CEO also revealed that the Stellar Foundation had secured a seat on MGI’s Board of Directors. “It is the first investment of its kind made from SDF’s treasury. Our investment also includes a seat on its (MGI) Board of Directors, of which I am proud to represent SDF among a diverse group of leaders in payments, financial services, and technology,” said the CEO.

This is not the first interaction between Stellar and the P2P payment platform. In March 2022, the foundation partnered with MoneyGram to build a stablecoin remittance platform for use with Circle’s USD Coin (USDC).

The Power of Open-Source Blockchain Technologies

Stellar’s move to open-source payment technology contributes to the crypto industry’s flexibility and agility. Open-source platforms like Ethereum and Hyperledger have demonstrated that this approach provides a strong foundation for developing innovative decentralized finance (DeFi) solutions and use cases. 

For further exciting crypto developments: 
PayPal and Ledger’s Collab Simplifies Crypto Purchases in U.S.

Stay updated on Polygon’s recent moves in South Korea: 
Polygon Expands South Korean Presence with SK Telecom Partnership

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.