The stellar network is known for its cross-border payments developments backed by the skillful IBM. Stellar now supports 42 different currencies through this partnership with IBM. Recently, Stellar network just launched new developments to keep up with the ever-evolving inventions in the cryptocurrency-development ecosystem.
Stellar recently announced via their official Twitter account that Solar Wallet has implemented SEP-6 standard to ease withdrawal of stablecoins from users’ wallets to their bank accounts. Prior to this announcement, Stellar had also publicized that they have released GO SDK v.1.3.0 which will further ease cross-border payments involving crypto. Regardless of these positive developments, the XLM price shows a displeasing performance.
So, What Is The SEP-6 Standard All About?
This new innovation is centered around connecting different traditional payment methods seamlessly and at low costs. The SEP-6 standard will require wallet providers to adopt extra off-ramps for their users.
It is set to greatly improve user experience in that wallets will directly interact with regulated financial institutions (anchors) without having to exit the wallet first before being able to access the anchor’s site. This sets the ball rolling on global remittances solutions by facilitating a fast and inexpensive means of sending ‘anchor’ stablecoins to another person.
Another attractive feature of this SEP-6 is allowing users to use an asset off-ramp to withdraw tokenized currencies from their wallets to their bank accounts at low costs. This feature is likely to make a positive impact on the Stellar network as well as other stablecoin issuers who will adopt this SEP-6 standard and get to understand what their tokenized assets are fully capable of.
However, in the meantime, SEP-6 only supports three off-ramps but plans to integrate this standard into more frequently used stable coins and tokenized assets in the foreseeable future. The three supported off-ramps include ‘Stellarport’ (to withdraw BTC, ETH, and LTC), ‘AnchorUSD’ (for withdrawal of US dollars) and Tempo (to withdraw Euros to any bank account).
GO SDK v.1.3.0
This latest update is aimed at improving the Stellar network in order to accommodate a broad spectrum of cross-border payment use cases. Stellar posted the announcement on Twitter stating,
This update has three main advantages as published on Stellar’s GitHub page: bolstering fast retrieval of the home domain name by incorporation of helper method known as “Client.HomeDomainForAccount”, giving users access to Transaction Envelopes after creating a transaction even before the transaction is signed and incorporating “Transaction.TransactionFee” method.
Stellar revealed plans to do away with the “Transaction.SetDefaultFee” method and replace it with “Transaction.TransactionFee” method which will help users get the exact fee that will be paid for each transaction. The former proffered a fixed predetermined fee for transactions.
Stellar Lumens (XLM) Price Outlook
As bitcoin continues with the price upswing, the 12th largest cryptocurrency by market cap doesn’t seem to keep up with the momentum. Despite these promising developments, Stellar Lumens (XLM) is giving a lackluster performance price-wise with a drop of 6.88% in the last 24-hr period to trade at $0.094.
The digital coin has also plunged from last month’s closing high of $0.115131. Notably, most altcoins in the crypto market are currently flashing red as well. XLM holders are hoping that it’s readying for a rally alongside other altcoins in the near future. However, we can only wait and see the trend that XLM carves out.