Bitget Wallet has integrated with the Stellar network, which will expand the global stablecoin payments infrastructure. This new partnership will create less friction between digital and fiat financial transaction processes by leveraging the speed and scalability of Stellar’s payment-optimised blockchain.
How Global Stablecoin Payments Integration Works
The integration will incorporate Stellar technology into all aspects of the Bitget Wallet’s payment stack (e.g., crypto card, QR payments, bank transfers and on/off-ramps). Therefore, this will provide seamless options for cross-border transfers, merchant payments and cash out of consumers all in a self-custodial framework.
As part of the onboarding process, Bitget Wallet will distribute Stellar tokens (XLM) to its user automatically, which can be used to meet Stellar’s activation requirements. This partnership will also allow users to hold, swap and transfer assets issued on Stellar in terms of their real-world use cases with USDC and similar stablecoins, beyond payment transactions.
According to Raja Chakravorti, Chief Business Officer at Stellar Development Foundation, the Stellar Network was “built to make moving money across borders as seamless and affordable as possible.” Chakravorti also stated that the partnership allows Bitget Wallet “to bring that infrastructure directly into consumer-facing financial applications.”
Stablecoin Adoption: Why It Matters
According to Bitget’s COO Alvin Kan, for many in the ecosystem “Stablecoins are becoming operational components of the global payment system,” but on the other hand, the infrastructure for these tokens is currently dispersed between banks, card networks, and different blockchains. Thus the purpose of the innovation we the crypto exchange is creating with the integration of Stellar allows it to increase the ability for Bitget to connect its “Onchain Payments Matrix,” which creates a layer of coordination between settlement networks and liquidity, to make digital currency able to flow easily across all platforms.
The phased implementation will allow for further area coverage based on the locals who have access to integration with their payment networks. Bitget’s wallet has over 90 million global users and is a fully self-custodial wallet with USD 300 million fund for user protection.
