Blockchain News

Stellar Launches Open-Source Disbursement Platform for Global Payments

Stellar, a blockchain-based payment network, has unveiled its open-source “Stellar Disbursement Platform,” designed to enhance global digital disbursements in a faster, more cost-effective, and transparent manner. Developed by the Stellar Development Foundation (SDF), this platform aims to streamline bulk disbursements using digital assets for various purposes, from gig worker payments to digital aid distribution.

After a year of development, the Stellar Disbursement Platform is ready for deployment. Originally introduced for digital aid disbursements in Ukraine, it is now open-source and available for widespread use and further refinement by interested parties.

This platform offers the capability to efficiently send funds to thousands of recipients in mere seconds, with a particular focus on applications like supplier payments, payroll management, and contractor payments. It seamlessly integrates with Stellar’s extensive global network of on and off-ramps spanning over 180 countries. This integration enables recipients to convert digital currency to cash with ease.

Denelle Dixon, CEO of the Stellar Foundation, expressed her excitement about the open-source release of the platform. Highlighting its successful utilization for digital aid disbursements in Ukraine, she emphasized its transformation into a comprehensive payment solution. Dixon underlined the potential for the platform to empower gig workers, global payroll systems, and creators, ultimately fostering a more inclusive and accessible financial future.

Jeremy Allaire, CEO of Circle, also acknowledged the platform’s positive impact on humanitarian aid disbursements. He praised its effective use of USD Coin (USDC) and its potential to revolutionize global disbursement practices.

By releasing the Stellar Disbursement Platform as open-source, Stellar is demonstrating a commitment to collaboration within the blockchain community. This initiative reflects the organization’s broader goal of creating a financial landscape that is more accessible and transparent, benefiting gig workers, global payroll systems, and creators alike.

In a separate announcement, the Stellar Development Foundation revealed its involvement in a go-private transaction with Madison Dearborn Partners (MDP). As a minority investor in MoneyGram, the Foundation now holds a seat on MoneyGram’s Board of Directors. This position enables active contribution to MoneyGram’s future strategies, including digital transformation and exploration of blockchain technology.

SDF CEO Denelle Dixon expressed optimism about this partnership’s potential for growth and opportunity. By forging strong collaborations with payments sector entities, the Foundation aligns with its mission of promoting equitable access to financial services.

Despite recent protocol developments, the native token of the Stellar protocol, XLM, has experienced a consistent decline over the past two weeks. Currently trading at $0.1262, XLM has seen a 2.4% drop in value within the past 24 hours and a 13.8% decline over a two-week period.


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