The open-source "Stellar Disbursement Platform" was launched by blockchain-based payment network Stellar with the goal of enabling quicker, more affordable, and transparent digital disbursements globally.
The platform, which has been developed over the past year by the Stellar Development Foundation (SDF), enables people and organisations to carry out mass disbursements utilising digital assets for a variety of purposes, such as gig worker payments and digital aid delivery.
The turnkey payment solution, which was initially used for digital aid disbursements in Ukraine, is now open-source and accessible for usage and future development by anyone.
The Stellar Disbursement Platform, according to the statement made on Wednesday, enables users to transmit money instantly and quickly to thousands of recipients.
Many applications are available, including payroll administration, contractor payments, and supplier payments, to meet a range of payment requirements.
Furthermore, recipients can change digital money to cash "simply" thanks to the platform's seamless connection with Stellar's worldwide network of on and off-ramps, which covers more than 180 countries.
The Stellar Disbursement Platform's open-source release has garnered praise from Denelle Dixon, CEO of the Stellar Foundation. She emphasised how well it worked to make digital aid payments in Ukraine and how it later developed into a complete payment system.
Dixon stressed the platform's potential to support innovators, freelancers, and international payroll systems, promoting a more open and accessible financial future.
The Stellar Disbursement Platform has an impact on how money is distributed for humanitarian help, according to Circle CEO Jeremy Allaire. He underlined the platform's ability to promote international distribution methods while praising its efficiency in utilising the Dollar Coin (USDC).
The Stellar Disbursement Platform's open-source design demonstrates a dedication to cooperation within the blockchain community. Stellar wants to build a more open and transparent financial future that will help gig workers, international payroll systems, and innovators by making this technology available to everyone.
Overall, the introduction of #Stellar 's open-source Stellar Disbursement Platform is a big step towards enabling global digital disbursements that are quicker, more affordable, and transparent. With its extensive range of apps and connectivity with Stellar's network, the platform enables people and companies to streamline their payment operations.
MoneyGram's minority stake is secured by Stellar.
The Stellar Development Foundation confirmed its position as a minority investor in MoneyGram, which offers cross-border P2P (person-to-person) payments and money transfer services, on Tuesday by announcing its recent participation in the go-private deal with Madison Dearborn Partners (MDP).
A seat on MoneyGram's Board of Directors has been secured for SDF as part of this investment, giving the foundation the chance to actively contribute to the company's future and digital strategy.
According to the release, SDF will use a group of executives from the payments, financial services, and technology sectors to strengthen and direct MoneyGram's digital transformation.
Additionally, the investment places SDF in a strong position to play a significant role in a number of aspects of MoneyGram's journey, including the development of its digital business, research into blockchain technology, and support for the company's overarching mission of facilitating secure and effective international money movement for people and businesses across numerous countries.
Denelle Dixon, CEO of SDF, expressed optimism about the partnership's potential for growth and opportunity. SDF advances its goal of establishing "equitable" access to financial services by forging strong partnerships with businesses in the payments industry.
This news is a win-win partnership where SDF's cooperation helps develop MoneyGram's digital capabilities while supporting SDF's mission to promote equitable financial access.
The Stellar network's native token, #XLM , has persistently dropped over the previous two weeks despite major protocol announcements and advances. The coin's current price of $0.1262 represents a 2.4% loss in value over the last day and a 13.8% loss over the previous 14 days.
