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- The strategic partnership between the Stellar network and the UNHCR has helped more than 1,500 Ukraine war victims, thus increasing effectiveness and efficiency.
- The Stellar network has widened its use cases in the recent past towards streamlining cross-border payments, asset tokenization, on and off-ramps, and aid disbursements.
The Stellar Lumens (XLM) network has grown into a mature blockchain ecosystem that is fast facilitating the mass adoption of digital assets around the world. In the past few months, the Stellar network has been preparing for its largest upgrade that will enable smart contracts through the Soroban platform.
Moreover, the Stellar network intends to modernize global payments by bringing traditional financial players and web3 platforms together. In return, the Stellar network has been creating more use cases for the XLM coin, which has grown to a $6.2 billion ecosystem, amid the global crypto regulatory clarity.
The Stellar network has focused on solving real-world problems with its blockchain technology.
Stellar Aid Assist Crosses Major Milestones
In a blog posted on December 20, 2023, the Stellar Organization highlighted the milestones achieved since the launch of the Stellar Aid Assist in Ukraine under the UNHCR a year ago. The Stellar Aid Assists was unveiled to assist millions of displaced people in Ukraine with the help of Moneygram International and Circle Internet Financial through its stablecoin USDC.
According to the report, more than $1.1 million has been disbursed to serve more than 1,500 individuals affected by the war.
“The initiative has received global recognition, receiving awards for its innovative approach and impact, and lauded by the Ukrainian government. This isn’t tech for tech’s sake. Aid delivery on the blockchain has proven to be a genuine and viable option for aid organizations for enhanced efficiencies and effectiveness,” the company noted.
The immense success of Stellar Aid Assist motivated the company to build the Stellar Disbursement Platform to enable the disbursement of bulk payments. Notably, the Stellar Organization open-sourced the Stellar Disbursement Platform in August 2023, thus making it available for anyone to customize to their needs.
Already, the technology has been used to send funds around the world seamlessly with minimized friction and margin error. As a result, the Stellar Organization envisions a brighter future with new partnerships expected from different regions for efficient bulk payments and aid disbursements around the world.
XLM Price Action and Market Outlook
The notable growth of the Stellar network has undeniably increased XLM’s liquidity and traded volume. Notably, XLM’s price has been consolidating in the fourth quarter after a 150% spike in July this year. The utility-based altcoin has gained about 10% in the past four weeks.
The mid-cap altcoin is preparing to enter the second leg of the bull rally. Moreover, the weekly 50 Moving Average (MA) has acted as a robust support level for the second half of this year. Additionally, the weekly Relative Strength Index (RSI) has successfully rebounded on the 50 level, indicating the bulls are in control.