Streamlining Cross-Border Payments
Stellar (XLM) is a halal token and it is a decentralized payment network launched in 2014, aiming to make international transactions faster and cheaper. Here’s a quick overview:
- Focus on Efficiency: Stellar facilitates cross-border payments between different currencies, aiming to be more efficient than traditional banking systems.
- Low Transaction Fees: Stellar boasts low transaction fees, making it suitable for sending small amounts of money internationally.
- Lumens (XLM): The native token of Stellar, lumens (XLM), acts as a bridge currency to facilitate asset exchange between different currencies on the network. Users don’t necessarily need to hold XLM to use the network, but it can streamline transactions.
- Potential for Developing Economies: Stellar’s focus on low fees and faster settlement times could benefit individuals and businesses in developing economies with limited access to traditional financial services.