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Stellar’s cryptocurrency, the Stellar Lumen (XLM), powers the Stellar payment network. Stellar aims to connect banks, payment systems, and individuals quickly and reliably.
XLM (or Lumens), fuels activity on the Stellar network. The Stellar network is a system designed to help payments cross borders (and currencies) much faster and more cheaply than with traditional financial-system networks.
For example, a bank in Japan might use Stellar to send money to a bank in Mexico. Stellar would automatically convert yen to XLM, send the payment via blockchain, and reconvert XLM to pesos at the best current exchange rate.
Stellar was intended to work alongside existing assets and cryptocurrencies, allowing users to create digital representations of any asset as a Stellar token. These can then be used to transact on the blockchain, and can be redeemed at any time for the base asset.
XLM is positioned to be particularly useful in developing markets, where it aims to serve as a low-cost bridge for cross-border transactions — allowing users to send and receive payments in their preferred currency. In early 2021, the Ukrainian government selected Stellar as its partner in the development of a national digital currency.
Released: July 2014
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