Decaf boosts Stellar adoption with USDC transactions in Latin America
Investing.com | Editor Nikhilesh Pawar
Published Nov 14, 2023 08:12AM ET
LONDON - Decaf, a platform co-founded by Rick Martin, is making waves in the cryptocurrency space by facilitating transactions for Latin American users through the Stellar network and MoneyGram system using Circle's USDC. This innovative approach has enabled Decaf to off-ramp $200,000 weekly, contributing to the growing adoption of Stellar's native coin, XLM, currently valued at $0.122 with a market capitalization of $3.4 billion.
The collaboration with Decaf is a strategic move for Stellar, known for its XLM coin, as it navigates the burgeoning web3 landscape. By partnering with Decaf, Stellar is not only furthering crypto adoption but also providing a lifeline to MoneyGram, which has been facing financial challenges. The integration of BlackRock-backed Circle's USDC into Decaf's platform allows users in countries like Mexico, Venezuela, Argentina, Colombia, and Nigeria to seamlessly transact in a stable digital currency.
Decaf's success and its role in democratizing access to USDC are evident from its significant weekly transaction volume. The platform is already eyeing expansion in regions affected by hyperinflation, particularly in Africa and Latin America. This move could potentially increase the utility and popularity of the XLM coin within these markets.
Stellar's benefit from the Decaf collaboration extends beyond immediate financial gains. As more users adopt XLM for their transactions through Decaf, the network could see an uptick in overall adoption, reinforcing its position in the competitive crypto arena during a time when digital currencies are becoming increasingly mainstream.
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