The recent Meridian conference, organized by Stellar, took place in Rio de Janeiro from September 17 to 18, 2023, marked a significant gathering for the decentralized finance (DeFi) community. As an early pioneer in the blockchain space since its inception in 2014, Stellar leveraged this event to promote its commitment to enhancing its ecosystems for real-world assets (RWAs) and DeFi solutions.
This year’s Meridian conference followed the rollout of Stellar’s Protocol 23 upgrade, known colloquially as “whisk.” This technical update was designed to improve both the affordability and speed of transactions on the Stellar network. Coming one year after the Soroban upgrade, which introduced smart contracts, the latest enhancements position Stellar to better address pressing concerns in the industry, from the growing adoption of stablecoins to the tokenization of real-world assets.
Throughout the conference, key themes revolved around leveraging blockchain technology to solve real-life challenges. Discussions, panels, and informal conversations echoed the potential of Stellar’s upgraded features. Stellar Development Foundation (SDF) CEO Denelle Dixon opened the event by launching Meridian Pay, a new open-source smart wallet offering users an accessible interface while developers can utilize its underlying smart contracts.
In an engaging move to illustrate the wallet’s functionalities, conference-goers were given $100 worth of XLM tokens, enabling them to experience Meridian Pay while purchasing event merchandise.
Enterprise collaborations were a focal point of the conference, as several firms announced integrations with Stellar. Ondo Finance’s Chief Strategy Officer revealed the upcoming launch of the USDY token on the Stellar platform, praising the network’s synergy with their tokenized Treasury product.
During another highlight, Etherfuse CEO Dave Taylor introduced TESOURO, a novel “stablebond” aimed at Brazilian central bank bonds that promises a 13% annual percentage yield in Brazilian Real (BRL). Additionally, LayerZero’s VP of Business Development, Simon Baksys, confirmed plans to integrate Stellar into their messaging protocol during a fireside chat focused on achieving universal interoperability.
Furthermore, MoneyGram has updated its application to allow users to hold USDC directly on the Stellar network, according to Chairman and CEO Anthony Soohoo. In discussing the cross-section of finance and cryptocurrency, Soohoo emphasized that this integration would offer users maximum flexibility in managing their funds.
The growth in DeFi and RWAs has significantly impacted Stellar’s ecosystem, with total-value locked (TVL) surging to approximately $150 million—over a 200% increase since the beginning of the year as per DeFiLlama.
Stellar’s native currency, XLM, is currently valued at a market capitalization of $12 billion, having risen by 300% within the past year, according to CoinGecko.
While exploring the implications of stablecoins in developing economies, former Brazilian Central Bank President Roberto Campos Neto, now Vice Chairman of Nu, highlighted their importance in providing a low-cost means for users to access dollar accounts, particularly in nations with limited currency convertibility. Rio de Janeiro Vice Mayor Eduardo Cavaliere identified the city as an exemplary setting for the evolution and development of stablecoins, reinforcing Campos Neto’s assertion about the region’s potential.
Circle’s VP of Strategy and Policy for Latin America, Daniel Mangabeira, addressed existing regulatory barriers during a panel discussion named “Cracking the Code on Cross-Chain Simplicity,” where he remarked that regulatory uncertainty remains a significant hurdle for seamless blockchain transactions.
In closing remarks, Chainlink co-founder Sergey Nazarov, participating remotely, emphasized the geopolitical dimensions of blockchain technology, suggesting that it offers an alternative when central banks and regulators fail to meet their responsibilities.
The Meridian conference not only highlighted Stellar’s advancements but also showcased its strategy to position itself as a leader in the rapidly evolving DeFi landscape, particularly within emerging markets.
