About Stellar

The Stellar network is a decentralized and open-source platform designed to enable efficient cross-asset transfers of value. It aims to provide low-cost financial services accessible to individuals across various income levels. By facilitating transactions between both fiat currencies and cryptocurrencies, Stellar enhances the accessibility of financial systems. The network operates using Lumens (XLM) as its native digital asset, which acts as an intermediary currency to streamline exchanges. This structure allows users to convert their holdings into different currencies while minimizing transaction fees through a decentralized order book mechanism. Founded in 2014 by Jed McCaleb and Joyce Kim, Stellar focuses on connecting financial institutions to significantly reduce the time and cost associated with cross-border transactions. The network relies on "Anchors," which are trusted entities that hold deposits and issue credit, effectively bridging various currencies and the Stellar ecosystem. This innovative approach not only promotes financial inclusivity but also enhances the efficiency of global payments, making Stellar a pivotal player in the evolving landscape of digital finance.