Cryptocurrency payments specialist Stellar is teaming up with Polkadot and Kusama via the recently constructed Spacewalk bridge. The partnership seeks to leverage Stellar’s global fiat on-ramps to create vital infrastructure for DeFi applications. This infrastructure will allow these apps to connect with forex markets, linking the two blockchain ecosystems.
Pendulum’s Spacewalk bridge won the Polkadot para chain auction and sought to offer DeFi access in emerging markets where Stellar has a strong presence. The effort is supported by cross-border payment firm MoneyGram, while firms like Stellar build critical infrastructure for payments in regions beyond the U.S.
Pendulum aims to blend traditional finance with DeFi, prioritizing stablecoins and fiat tokens instead of Lumens, Stellar’s native cryptocurrency. Additionally, the company intends to create a connection between forex markets and DeFi applications to enhance access to emerging markets.
According to Pendulum’s Co-founder and CTO Torsten Stüber, the Polkadot version of the Spacewalk bridge will be ready for use within a week or two. Stellar is known for its stablecoin implementation and on/off-ramps for different fiat currencies across different countries.
Pendulum’s Spacewalk bridge will use USDC, the token integrated with MoneyGram, as the main stablecoin flowing across the bridge. Moreover, Other regional currency stablecoins, such as the tokenized Argentinian peso, Brazilian honest, Kenyan shilling, and a few euro-based stablecoins, will also be available.
In an interview, Tomer Weller, VP of Product at Stellar Development Foundation, stated that Stellar had tokenized more fiat currencies than any other network. To expand its reach and offer DeFi services to a broader global audience, Stellar is collaborating with Polkadot and Kusama.
Stellar’s Focus On Stablecoins And Fiat Tokens
Stellar strongly focuses on stablecoins and fiat tokens, making it an ideal partner for Pendulum’s Spacewalk bridge. With Stellar’s on/off-ramps for various fiat currencies across different countries, the platform can expand DeFi’s reach to emerging markets.
Additionally, the Spacewalk bridge will enhance the decentralized finance industry by facilitating access to forex markets. This will allow for more manageable cross-border payments and greater financial inclusion worldwide.
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The collaboration between Stellar, Polkadot, and Kusama via the Spacewalk bridge represents an exciting development for integrating DeFi with forex. The partnership offers access to emerging markets, implements stablecoins, and facilitates fiat on/off-ramps, potentially revolutionizing global finance.
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