The video highlights the transformative impact Stellar blockchain has had in San Francisco, Colombia, through its collaboration with Decaf, a partnership that is reshaping the financial landscape of this small town where conventional banking infrastructure is largely non-existent.

The video follows Zac Borrowdale, an Australian entrepreneur who faced significant challenges in paying his employees due to the absence of banking facilities in San Francisco. Without a local banking system, Zac was forced to make dangerous journeys to Medellín, a nearby city, to withdraw cash.

These dangerous trips became an essential, albeit hazardous, part of his business operations. The lack of financial infrastructure not only jeopardized Zac’s safety but also hindered the economic potential of the community. Eventually, Zac was shot and robbed, presumed dead for multiple days until he woke up and recovered.

Stellar’s Real-World Utility

Stellar blockchain, in partnership with Decaf, emerged as the solution to this critical issue. By integrating Stellar’s technology, Zac can now pay his employees in USD Coin (USDC), a stable cryptocurrency pegged to the US dollar.

This process has been streamlined, allowing employees to convert their USDC into Colombian Pesos through MoneyGram, Stellar’s partner, without leaving their village.

The ability to transact securely and efficiently within the local community has safeguarded Zac from life-threatening trips and spurred economic growth in San Francisco.

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— TimesTabloid (@TimesTabloid1) July 15, 2023

Stellar’s intervention has been pivotal in ensuring that the residents of San Francisco have access to reliable financial services. Stellar’s approach to providing real-world utility goes beyond mere transactions. This approach represents a commitment to addressing the financial needs of communities overlooked by traditional banking systems.

Following the release of the video, Stellar posted on X, “You see how Stellar truly cares about utility? very demure, very mindful.” This message encapsulates Stellar’s focus on practical, effective solutions rather than hype.

2024 has been a remarkable year for Stellar. The Stellar Development Foundation predicted in July that Stellar would power the next era of Decentralized Finance (DeFi). The adoption in San Francisco is one step toward achieving this goal, and the digital asset could experience massive growth as the adoption of its technology increases.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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This move not only highlights Stellar’s commitment to the partnership but also intensifies the rivalry between Stellar and Ripple in the competitive blockchain payments sector.

Read Also: State-of-the-art Machine Learning Algorithm Sets Stellar (XLM) Price for August 31

Denelle Dixon, CEO of the Stellar Development Foundation (SDF), took to Twitter to announce the investment in MoneyGram, expressing enthusiasm for what lies ahead. While the exact investment amount remains undisclosed, SDF made the investment directly from its cash treasury, separate from its Enterprise Fund reserved for start-up investments.

The decision to invest in @MoneyGram was an easy one. After years of getting to know the business and the teams, we are excited to take part in MGI’s next chapter. It’s been an awesome few years working together, and we are excited for what’s next!https://t.co/PYAKHeXRxx

— Denelle Dixon (@DenelleDixon) August 15, 2023

Expanding Influence on MoneyGram’s Board

The investment has granted Stellar a seat on MoneyGram’s prestigious Board of Directors. Representing SDF, Denelle Dixon joins a distinguished group of global industry leaders with expertise in payments and financial services, including MoneyGram’s CEO, Alex Holmes. With this new alliance, the board aims to leverage its collective experience to further enhance MoneyGram’s business and strengthen its market-leading cross-border capabilities.

Potential for Business Growth

MoneyGram’s CEO, Alex Holmes, expressed optimism about the collaboration, emphasizing that as a private company guided by the new board, MoneyGram is well-positioned to reinforce its status as a leading global fintech platform connecting communities worldwide. Given the combined expertise of the board members, MoneyGram aims to advance its position in the industry and expand its reach.

Read Also: What Google Bard Said About Future Price of Stellar (XLM) After Ripple and XRP Victory

Stellar and Ripple Rivalry

The rivalry between Stellar and Ripple dates back to their shared origins. Launched by Ripple’s co-founder, Jed McCaleb, in 2014, Stellar has emerged as a formidable player in the blockchain payments space. Utilizing cutting-edge payment technologies, Stellar has solidified its position as a significant provider in the industry, competing directly with Ripple.

MoneyGram’s Partnership Shift

MoneyGram’s partnership with Stellar comes on the heels of its termination of collaboration with Ripple in 2021, with both parties opting not to disclose the reasons. Speculation suggests that this decision may be connected to the ongoing lawsuit brought against Ripple by the SEC.

Since the establishment of their partnership, SDF and MoneyGram have engaged in various initiatives to drive innovation in the payment landscape.

Expanding Access to Cryptocurrency Solutions

In a recent development, the integration of the WhiteBit crypto exchange into MoneyGram Access has enabled Ukrainians to access MoneyGram’s crypto-to-cash off-ramps solution. This collaboration between SDF and MoneyGram illustrates their shared commitment to empowering users with convenient and secure cryptocurrency solutions.

Stellar’s investment in MoneyGram and subsequent representation on its board of directors signifies the growing influence of Stellar in the payment industry and further intensifies the rivalry with Ripple.

With a renewed focus on advancing cross-border capabilities and leveraging collective expertise, MoneyGram is poised to strengthen its position as a leading global fintech platform under the guidance of its new board.

The collaboration between SDF and MoneyGram continues to drive innovation and expand access to cryptocurrency solutions, fostering a dynamic ecosystem that benefits users worldwide.

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According to CoinGecko, XLM has surged more than 24% in the last 24 hours as of the time of writing. The token is trading at $0.17, with a short-term bullish outlook that suggests a possible swift move to test $0.2.

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— TimesTabloid (@TimesTabloid1) July 15, 2023

Read Also: Stellar Lumens (XLM) Price Trajectory Following Ripple and XRP Victory Against the SEC

Stellar Lumens (XLM) Outperforms XRP

It can be recalled that XRP lead the bullish rally after the announcement of the ruling of a long-standing lawsuit, which absolutely went in favor of XRP and its teeming holders. Stellar Lumens (XLM) also shared the spoils of the victory to hit highs of $0.19 last week.

Although XRP has moved farther beyond the prices it traded at before the Ripple-SEC lawsuit’s summary judgment was made public, XLM is the one outperforming the rest of the top 20 digital tokens at the moment.

At the time of writing, XRP is trading at $0.83, with a relatively 5% price upsurge in the last 24 hours, according to CoinGecko. Meanwhile, XLM skyrocketed from lows of $0.136 to an intraday peak of $0.176 on Thursday. On Tuesday, XLM/USD rebounded off the demand zone near $0.12 to give bulls total control of the trend today.

Current XLM’s bullish outlook can be largely attributed to the technical picture and the sentiment catalyzed by the recent great news in the Stellar ecosystem.

Read Also: Here’s What ChatGPT Said About Possible Stellar (XLM) Price Trend By End of 2023

Why is Stellar Lumens (XLM) Skyrocketing?

On July 19, Bitso, the leading exchange in the Latin American region, announced a partnership with the Stellar Development Foundation in an effort to boost international payments.

Through the partnership, Bitso will integrate Stellar’s Anchor Network to allow companies from across the world to make USDC payments across Latin America, beginning with Mexico, Colombia, and Argentina.

According to the announcement, the supported transactions are from US Dollars through Circle’s USDC stablecoin. The exchange will make this happen via its direct collaboration with the local banking system.

Similarly, Stellar Development Foundation has also partnered with Honeycoin App to enable users across Kenya, Uganda, Tanzania, Nigeria, Ghana, and the UK to cash out using USDC balances at any MoneyGram location in these countries.

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Schwartz, who helped in founding the XRP ledger, reacted to a post on Twitter where the image of a Connecticut’s “XRP • XLM” license plate was captioned. What called Ripple CTO’s attention was the dot that separated XRP and XLM on the license plate.

Read Also: Ripple CTO David Schwartz Slams Elon Musk, Reveals Motive behind His Proposal to Take Over Twitter

Reacting to the message on the license plate, Schwartz noted that the dot separating the tickers should have been replaced by an “>”, indicating his certainty that XRP is greater than XLM.

The crypto user showing love for both XRP and XLM tweeted, “What do you guys think of my new plate? Just to show my [love] for my 2 favorite assets.

In response to the tweet, David Schwartz wrote, “They accidentally put a • instead of a ＞.”

They accidentally put a • instead of a ＞

— 𝙳𝚊𝚟𝚒𝚍 𝚂𝚌𝚑𝚠𝚊𝚛𝚝𝚣 (@JoelKatz) August 7, 2022

Is XRP Indeed Bigger Than XLM?

It’s worth noting that both assets are somewhat similar in terms of use cases because both are dedicated to cross-border remittance. And it’s worth noting that they have a common co-founder Jed McCaleb.

However, Schwartz’s competitive comparison can be regarded as the truth if actual capitalist scales are considered. According to the capitalization estimate provided by CoinMarketCap, Ripple is 6 times bigger than Stellar. Ripple has a company size of $18 billion while Stellar has only $3.11 billion.

Read Also: David Schwartz on Why Ripple Chose Not To Pressure Customers on RippleNet to Use XRP

Though Ripple is clearly more extensive in terms of development, the latter’s attainment over the years can’t be thrown underfoot. According to the report for the second quarter of 2022, Stellar reported that the total number of accounts on the network surged by 28.5% year on year, with a total of 6.98 million.

Additionally, the number of payments on the network rose by 415% year on year to reach 38.786 million. The number of transactions during the same period increased also by 88%.

So, this implies that both companies are doing well in their capacities.

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In a video shared on 25th January, Justin Rice, the head of Stellar Development Foundation (SDF), said smart contracts will bring a new suite of products and services to the Stellar ecosystem.

Read Also: Stellar (XLM) Proposes Entirely New Method of Executing Smart Contracts

Justin Rice noted:

“There’s a lot of work to be done to get there, but at SDF we’re committed to researching and shepherding the development of the code and creating community engagement around an implementation.

The goal is to have Stellar remain one of the most accessible networks for developers so they can deliver high quality and safe applications to their users, while also allowing it to adapt and respond to the competitive blockchain landscape.”

Smart contracts are coming to Stellar. pic.twitter.com/jwMnsvod5T

— Stellar (@StellarOrg) January 25, 2022

Read Also: In Partnership with Stellar Development Foundation, Tribal Credit Raises $40M in Hybrid Debt Round

Stellar is an open network for storing and moving values. XLM, its native token, is basically used as a bridge currency between two fiats currencies when moving money across the border.

In a series of tweets on 26th January, Tomer Weller, the vice president of tech strategy at Stellar Development Foundation, outlines the estimated time for smart contracts implementation on the network:

 “We’re aiming for a feature-complete test network by the end of 2022. Ultimately, the ecosystem will decide if and when to turn on smart contracts on Stellar.”

Read Also: Stellar Development Foundation Moves to Take Over MoneyGram

Stressing the reason for smart contracts implementation, Weller said, “Stellar enables equitable access to the financial system. DeFi is becoming a major part of that system. DeFi isn’t new to Stellar. It’s been core to the protocol with a built in DEX from the get go (before “DEX” was popularized), and AMM functionality became available in ‘21.”

It can be recalled that in October 2021, the SDF announced a new partnership with the payments giant MoneyGram to leverage Stellar blockchain in order to facilitate cross-border payments.

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According to the report, the development will give Tribal Credit additional capital to expand its business services in Latin America. The debt offering was reportedly funded through fiat and stablecoins.

Read Also: Stellar (XLM) Proposes Entirely New Method of Executing Smart Contracts

According to the company, the capital will be used to fund receivables from its customer base throughout Latin America, especially Mexico, Brazil, Chile, Colombia, and Peru.

In a conversation with Cointelegraph, Duane Good, Tribal chief operating officer, said that funding receivables from its customer base imply that Tribal can use the debt facility to help customers in the countries mentioned above.

Duane Good noted:

“…this new debt facility will be used to support our customer’s spending on the Tribal platform.”

While explaining the mechanics of the hybrid debt raised, Good pointed out that “a portion of the debt facility was established with SDF and funded through USDC.”

Read Also: Stellar Development Foundation Collaborates With DFS Lab to Bring African Startup to Stellar Blockchain

He added that a traditional debt facility, by contrast, “is an agreement with insittutiional lenders that enables a financial services firm to draw on the facility to support the underlying credit needs of their portfiolio.”

How Bitso and Stellar Development Foundation Are Related to Tribal Credit

Tribal Credit, which was launched in 2016, provides credit cards and other forms of funding to startups in emerging markets.

The company also employs a cross-border payment system supported by crypto exchange Bitso that allows businesses to convert local currency to Stellar’s USDC stablecoin. Integration with Stellar blockchain began in April 2021 after Tribal received $3 million from the Stellar Development Foundation.

Read Also: Stellar Development Foundation Moves to Take Over MoneyGram

Tribal and others have identified small businesses as a major source of growth for crypto payments and remittances, especially in emerging markets where access to traditional financial services is often limited.

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According to a report by Bloomberg, a number of companies in the financial industry are showing interest in acquiring the major money transfer service provider, MoneyGram International Inc.

Read Also: Stellar (XLM) Proposes Entirely New Method of Executing Smart Contracts

The report stated that Stellar Development Foundation, a cross-border payment firm based in San Francisco, is conjoining with the private equity firm, Advent, in the possible takeover.

The Deal Could Be Sealed By the End of the Month

According to the report, the development is not made official yet, it’s only a hint from people familiar with the matter. The takeover is not certain yet because the two firms could still decide not to press further.

However, if both firms decide to continue with their initial plans, the acquisition could play out by the end of the month. And it’s worthy of note that MoneyGram (NASDAQ: MGI) skyrocketed after the takeover plan was published by Bloomberg.

Read Also: Stellar Development Foundation Collaborates With DFS Lab to Bring African Startup to Stellar Blockchain

Ripple Had A Stake in MoneyGram

Stellar and Advent are not the only Blockchain-related firms to show interest in acquiring the money transfer giant, MoneyGram.

Back in 2019, Ripple, a US-based cross-border payment firm, acquired a stake in MoneyGram International Inc. It also invested relatively $30 million into the firm, which allowed the use of the xRapid product, XRP token, when making international transfers.

However, this relationship came to an abrupt end after the United States Securities and Exchange Commission (SEC) sued Ripple for the sale of XRP as an unregistered security.

Read Also: Visa and Mastercard Reaffirm Relationship with Binance despite Regulatory Scrutiny

MoneyGram was also quick to distance itself from Ripple by clarifying that it does not use the xRapid platform for transferring funds. This measure was taken by the firm to avoid any issues with the SEC in the future.

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According to the report, the Bootcamp will last for three days, which will allow companies that are part of the initiative to answer critical business questions with hands-on technical support and guidance from DFS Lab and SDF.

The collaboration is termed as a big opportunity to help African developers and startups make good use of blockchain-oriented ideas. It will also equip them with practical tools and education, which will aid them to create solutions that fit their needs.

The report added that the most promising solutions will receive up to 20,000 USDC. There will also be opportunities for follow-on funding for additional grants. This includes potential investment from SDF’s Enterprise Fund and other investors that will be part of the program on the demo day.

So, interested fintech and blockchain companies operating in Africa are thereby encouraged to apply before 20th August 2021. This initiative could aid the advancement of their existing services and embed digital asset solutions into their business model for the first time.

In the course of the Bootcamp, the report says that a number of viable use cases such as cross-border payments, access to financial services, among others, can be explored.

Reacting to the new development, Jake Kendall, Partner at DFS Lab, said:

“We are excited to see what role blockchain can play in the future of digital commerce in Africa from cross-border payments to financial inclusion, and we’re excited to offer this opportunity for startups to see where the Stellar blockchain network can benefit them,” said Jake Kendall, Partner at DFS Lab.”

CEO and Executive Director of Stellar Development Foundation, Denelle Dixon, also said:

“We’re thrilled to collaborate with DFS Lab to support early-stage startups building the future of digital commerce in Africa. It’s part of SDF’s effort to increase financial access and inclusion specifically with solutions rooted in local needs and expertise. It’s an honor to be a resource for bootcamp companies building on Stellar. We can’t wait to see how they innovate.”

The new development is seen as a means for Stellar blockchain to penetration Africa with its digital solutions and the success of this initiative is expected to benefit the blockchain industry as a whole.

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