The Stellar Meridian conference took place in Rio de Janeiro on September 17-18, 2023, showcasing the project’s commitment to advancing decentralized finance (DeFi) and the integration of real-world assets (RWA) within its platform. As one of the early adopters of blockchain technology, Stellar has continually focused on expanding its functionalities, and this year’s conference was no exception.
The event followed the recent release of Stellar’s Protocol 23 upgrade, nicknamed “whisk,” which enhances the blockchain’s efficiency and cost-effectiveness. This upgrade builds on the successful Soroban upgrade, which introduced smart contracts to the Stellar ecosystem, enabling a wider range of decentralized applications.
At the conference, Stellar Development Foundation (SDF) CEO Denelle Dixon unveiled Meridian Pay, an open-source smart wallet designed to streamline user interactions with smart contracts while remaining transparent for developers. Attendees were gifted $100 in XLM tokens to utilize with Meridian Pay for on-site merchandise, providing a hands-on experience of the platform’s capabilities.
Several announcements regarding ongoing enterprise partnerships further fueled discussions about Stellar’s growth potential. Ondo Finance announced the launch of USDY, a tokenized Treasury product that integrates seamlessly with Stellar’s DeFi offerings. Similarly, Dave Taylor, CEO of Etherfuse, presented TESOURO, a new financial product offering 13% APY based on Brazilian central bank bonds.
Stellar’s ecosystem is expected to see enhanced interoperability as LayerZero’s VP of Business Development, Simon Baksys, confirmed plans to incorporate Stellar into their messaging protocol. This feature aims to foster universal connectivity among blockchain networks, aligning with the conference’s focus on eliminating barriers within the financial landscape.
In a notable advancement, MoneyGram’s Chairman and CEO Anthony Soohoo illustrated how users can now hold USDC within the company’s updated app, enhancing flexibility for transactions. Speaking on a panel discussing the intersection of finance and crypto, Soohoo pointed out that this integration allows users to manage their currency holdings affordably and on their terms.
Stellar’s total-value locked (TVL) has surged to approximately $150 million, marking an increase of more than 200% since the beginning of the year, according to data from DeFiLlama. The primary cryptocurrency of the network, XLM, has demonstrated significant market activity, with a market capitalization of $12 billion and a remarkable 300% growth over the past year, as reported by CoinGecko.
The themes of stablecoin adoption and the unique opportunities in emerging markets took center stage as well. Former Brazilian Central Bank President Roberto Campos Neto, now Vice Chairman at Nu, discussed the increasing relevance of stablecoins in facilitating access to secure and convertible currencies in developing economies. Additionally, Eduardo Cavaliere, Rio de Janeiro’s Vice Mayor, expressed his belief that the city is poised to be a key player in the development of stablecoins, citing its favorable environment for blockchain innovation.
Addressing the challenges that remain, Circle’s VP of Strategy and Policy for Latin America, Daniel Mangabeira, emphasized the need for clearer regulatory frameworks to enhance blockchain payment systems. He compared sending cross-border payments to sending emails, underscoring the inherent simplicity that should exist if regulations align with technical capabilities.
Finally, Chainlink co-founder Sergey Nazarov delivered insights via a remote keynote address on the broader geopolitical significance of blockchain technologies. He highlighted the importance of establishing transparent and efficient alternatives where centralized institutions fall short.
As Stellar concludes another successful Meridian conference, the emphasis on DeFi, RWAs, and stablecoins signifies the network’s commitment to addressing critical financial issues and supporting growth in emerging markets.
