Stellar, a futuristic, centralized, open source payment network for international transactions at the lowest fees, has been instrumental in forging ahead with financial inclusion and instantaneous remittance system. There are also the Stellar Development Foundation (SDF), a non-profit company that supports the development of the network and actively signs agreements and introduces new functions to expand the horizons of the Stellar network.

Some of the critical success of Stellar has been its allied partnership with different financial institutions as well as fintech firms in improving different remittance corridors. Such collaborations have helped to make cross-border money remittance faster and cheaper especially for developing nations where such services are required by the unbanked persons.

Such remittance services that rely on Stellar’s blockchain technology can, therefore, be faster and cheaper than the traditional banking systems. They also have seen the increase in usage in the sphere of stablecoins in Stellar network.

A number of financial institutions regulated by this authority have issued stablecoins on Stellar being a fast and inexpensive network. These stablecoins enable fixed and reliable value store and means of payment and expand the possibilities of using Stellar for international and domestic payments.

It is important to note that by its mission that seeks to promote financial inclusion, Stellar has been involved in the promotion of the provision of banking services to the under-banked populations. To give a part of the unbanked population a chance to obtain financial services and use various digital products such as the mobile app for banking services, developed on the Stellar platform, the SDF has started the following programs.

Stellar, the native digital asset of this scale, known as Lumens or XLM, has more uses with the growth of the network. XLM is being utilised in not only the transaction fees but also in the cross-border transactions where the use of different currencies for the transaction is required. Such increased utility has been a bleeding element that has accorded stability and growth to XLM in the cryptocurrency market.

It has also been more proactive in the realm of central bank digital currencies also referred to as digital currencies. Many of the central banks have either shown interest in adopting Stellar or have started already conducting experiments utilizing; this platform’s technology to implement and manage the CBDCs. All these indicate great future opportunities for Stellar in the dynamics of digital currencies and global economy.

Currently, Stellar is a fairly developed network, but it still has some problems concerning the further growth of user demand and at the same time retaining decentralization and increasing the degree of security. The Stellar development team has been actively developing several scalability solutions and the network upgrades to cope with these issues.

In the future, Stellar will have more responsibility in people’s everyday financial lives and on the world economy in general. Stellar is engaged in the mission of making financial services more accessible, thus it can be defined as a perfect connector between blockchain and traditional finance systems with its emphasis on cross-border payment solutions and the integration of modern and legacy financial systems.