Stellar has joined the latest market uptrend with over 15% WTD growth.
The bullish momentum is fueled by the growth in the usage of Stellar Ramp.

Over the past week, the price of Stellar (XLM) has experienced a remarkable surge, catapulting it into the spotlight in the digital currency market.

According to current data, Stellar has increased in price by 3.1% in the last 24 hours, reaching $0.09. Furthermore, the token has increased by more than 15.0% in the last week, rising from $0.08 to its present price. Notably, XLM now ranks as the 29th biggest digital asset, with a market capitalization of $2.34 billion.

One of the key factors driving this meteoric rise is the exponential growth in the usage of Stellar Ramps, a groundbreaking feature that has revolutionized the way individuals and businesses interact with the Stellar network.

As explained in a blog, Stellar Ramps are the seamless on-ramp and off-ramp infrastructure built on top of the Stellar blockchain. This infrastructure permits the conversion of traditional fiat currencies into Stellar’s own cryptocurrency, Lumens (XLM), and vice versa.

By providing a seamless and efficient means of conversion, on and off-ramps enable individuals and businesses to leverage the benefits of digital assets while maintaining connectivity to local markets worldwide.

As the network of on and off-ramps on Stellar continues to grow, it fosters a broader ecosystem of payment services that can connect with Stellar-enabled digital wallets. This expanding network creates more opportunities for users to transact, exchange, and utilize digital assets within the Stellar ecosystem.

Digital Wallets Leveraging the Stellar Ramps

The Anchor Platform, in particular, has played a significant role in expanding the reach of on and off-ramps on Stellar. The Anchor Platform acts as a service provider, offering fiat on and off-ramps to facilitate the conversion and transfer of value between fiat currencies and digital assets on the Stellar network. 

By integrating with the Anchor Platform, digital wallets, and applications gain access to a wider range of payment services, further enhancing the usability and adoption of Stellar.

With Anchor-hosted on and off-ramps, wallets can integrate an anchor’s deposit and withdrawal interface directly into their applications. On the other hand, Anchor API-based on and off-ramps enable wallets to connect to an anchor’s deposit and withdrawal services through an anchor-provided API.

An example of how these integration standards work in practice is the MoneyGram Access program. Wallets participating in this program leverage Stellar Ramps, which utilizes the above standards, to integrate MoneyGram’s payment rails into their platforms. This integration enables cash-to-crypto on and off-ramps across 180+ countries for wallet users. 

By leveraging Stellar Ramps, wallets can seamlessly integrate with MoneyGram’s services and provide their users with convenient access to global payment options.

Remarkably, Luther Maday, Head of Fintech and Innovation at MoneyGram International (MGI), has praised Stellar Lumens (XLM) as the most evident and appropriate network for the company’s new product for cross-border payments.

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Filed under: Bitcoin - @ June 23, 2023 2:08 pm