• Stellar and Bitso have partnered to promote international USDC payments to Latin America.
• The partnership will enable companies from across the world make USDC payments across Latin America, starting with Mexico, Colombia and Argentina.
• This collaboration comes on the back of increased adoption of its technology in cross-border remittances with HoneyComb and Coinme.
Stellar and Bitso Partner for International USDC Payments
Stellar and Bitso have announced a partnership that will allow companies to make international payments using USDC stablecoin to Latin American countries such as Mexico, Colombia, and Argentina. This collaboration is part of an effort to promote cross-border payments and remittances using blockchain technology, which improves settlement speed and overall costs compared to traditional methods.
Integrating Stellar’s Anchor Network
Bitso will be utilizing Stellar’s Anchor Network in order to facilitate these international payments. Companies worldwide will now be able to use this direct connection between the local banking system and Bitso’s crypto exchange without needing an intermediary.
Recent Adoption of Technology for Cross-Border Remittances
Recently, the Stellar Foundation Development has partnered with crypto ATM provider Coinme in order for users send and receive USDC on Stellar across all Coinme platforms. Additionally, they also teamed up with HoneyComb in order for anyone from Kenya, Uganda, Tanzania, Nigeria, Ghana, or the UK withdraw cash with USDC balances at all supported MoneyGram locations in those countries.
Impact on XLM Prices
Following news of this collaboration between Stellar and Bitso, XLM (the native token) experienced a 13% increase in its prices within 24 hours reaching $0.14 after Ripple’s XRP pumped 8% above $0.80.
The partnership between Stellar and Bitso opens up many possibilities for companies around the world looking to send money abroad quickly while saving on transaction costs through blockchain powered transactions. It is likely that we will see more collaborations like this one as blockchain technology continues to grow adoption among various industries around the world!