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December ‘24 Protocol Highlight: Stellar
December 07, 2024
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$XLM is up over 5x in the last month. TVL is up 3x, and core fundamentals are up on Stellar.
 
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                                                   XLM vs TVL Chart Built Using Artemis

 

What is happening on Stellar, and what are real use cases?

How does activity look on Soroban, Stellar's smart contract platform launched in 2024?

Today, we highlight the Stellar as our protocol highlight.
We chat with Raja Chakravorti, Chief Business Officer at the Stellar Development Foundation, on his journey into crypto, real use cases on Stellar. We also do a deep dive on Stellar and Soroban metrics thanks to @ElBarto_Crypto and @0xUltraviolence.
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Without further ado! Please welcome @rajachak75 the CBO at SDF.

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Raja! What is your story?
How did you get into crypto, and how did you end up working at SDF?
I’ve been in the fintech, payments, and insurance industries for two decades now. Prior to joining SDF, I led product partnerships and business development for Universal Access at Plaid, a leading financial data network company, built and scaled Root Enterprise with a focus on B2B solutions, and drove revenue growth and partnerships for PayPal’s North America business. I’m thrilled to now have the opportunity to leverage all that experience to lead and scale financial services and technology businesses to support the growth of the Stellar ecosystem.
What is the mission behind SDF? What attracted you to the mission?
Throughout my career, I’ve been driven by the goal of creating broad and equitable financial access through technology. SDF’s mission to create more equitable access to the global financial system by supporting the Stellarblockchain directly aligns with my goals to drive greater access through innovative technology. As the child of parents who immigrated from India, I saw firsthand the challenges they faced, from accessing affordable credit to sending money home. These experiences have fueled my passion to make financial services more inclusive and accessible.
How do real-world users use Stellar?
Can you share stories of people who have benefited from the Stellar network?
There are so many examples of real world users leveraging Stellar-based solutions to access financial services in ways they’ve never been able to before, from freelancers getting paid all over the world, to refugees receiving cash aid in Ukraine, to defi lending protocols that are helping power microfinance programs in new ways. One of the stories we highlighted most recently comes out of San Francisco, Colombia. ​​The Decaf app, built on Stellar, has transformed life for a community providing a safe, blockchain-based payment solution. This real-world application addressed a critical issue faced by entrepreneur Zac Borrowdale, who was shot while carrying cash to pay his workers. Utilizing Decaf and MoneyGram's on/off-ramps on the Stellar network, workers can now receive payments safely and cash out locally, eliminating dangerous cash transports. This solution has particularly empowered women in the workforce, contributing to the town's revitalization. I highly recommend taking 11 minutes out of your day to
watch the video: 
 
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What is the biggest misconception about  Stellar? What is crypto Twitter missing about Stellar?
Real world utility is something that SDF is very focused on. SDF’s goal is to create a more equitable global financial system that works for everyone, no matter where they live or what level of traditional financial services they may have access to. We believe that the best solutions to the problems people have are likely to come from within those communities. The Decaf use case in Colombia is a great example. The traditional financial system in Colombia created some real problems for Zac and his workers. Decaf is designed to solve those problems with communities like San Francisco, Colombia in mind. Product-market fit is so important for web3 technology and I think sometimes things get celebrated on crypto twitter that are not solutions for a problem that people have. If the goal is to grow adoption of blockchain technology, that technology needs to be solving problems for real people. At the Stellar Development Foundation, we are extremely outcome-oriented and we are looking for pragmatic solutions to difficult problems. We have a mission and are focused on that.
What are some interesting applications built on the Stellar smart contracts platform?
Why is the payment to DeFi integration so important with Blend?
Integrating new defi protocols like Blend with the payment infrastructure built over the last 10 years on the network is the Stellar ecosystem's superpower. Wallets and applications already serving users in global markets with global on and off-ramps can now plug into DeFi protocols and offer new opportunities like staking, lending, and borrowing while still being able to cash in and out without needing a bank account. This is what we mean when we give people access to "everyday financial services." To date, we’ve seen longtime Stellar project, ClickPesa, integrate with Blend to offer a new net offering, The ClickPesa Debt Fund, a platform for global investors to generate financial returns while supporting microloans for small and medium businesses in Tanzania. Meru, the one of the first wallets to directly integrate with Blend on Stellar, is seeing an exciting response to the now available new offerings. Giving the global majority access to savings, lending, borrowing, and more in a single application will change the game. It's never been easier to onboard users into DeFi.
What is the partnership with Moneygram like and why is that important?
We celebrated 2 years of MoneyGram Access, the first-of-its-kind cash-to-crypto solution, this year. It has been monumentally important in expanding what builders can do on Stellar, and who they can reach. When we launched this with MoneyGram, the goal was to solve the last mile problem that no other network had solved, and to expand the utility and use of digital assets by creating a seamless bridge between cash and crypto that allowed a new wave of users to access the digital economy (no bank account required). One of the most exciting things to me about rolling out a solution like this globally, is seeing how people use it in the real world. We started with 2 wallet integrations, and now 30 wallets have either integrated or are in the pipeline. Since launch, we’ve seen an average transaction size of about $480 dollars. The top cash in country is the US (also the top country for sending remittances), while the top cash out countries are Ukraine, Colombia, Mexico, Argentina (which are either developing/emerging economies or in Ukraine’s case, going through a rebuilding process). What we’re observing tracks with SDF’s thesis from the outset, which was that this solution is providing new utility for things like remittances, in small but meaningful amounts, in key markets. It also became the foundation for transformational solutions like Stellar Aid Assist and the Stellar Disbursement Platform. Now, with the Stellar smart contracts platform Soroban and cash-to-DeFi capabilities, we’ve entered a new phase of seeing what builders and users will do with this utility.
How does Stellar use or hope to use Artemis?
The Stellar integration with Artemis is about making blockchain data more accessible and meaningful. It's exciting for three key reasons: First, it gives us a clearer window into all the incredible activity happening on the Stellar network. Think of it as turning on the lights – suddenly we can better showcase the innovative projects and real-world solutions being built on Stellar. Second, it's a game-changer for analysis. Whether you're a researcher studying blockchain trends or a developer evaluating different platforms, Artemis makes it easier to understand how Stellar fits into the bigger picture of blockchain adoption and usage. Finally, and this is particularly cool, it democratizes access to Stellar data. By presenting the network data in Artemis's user-friendly "ez" table format, we're making it simpler for anyone in the Stellar ecosystem to conduct their own analysis and create reports. If you're already familiar with Artemis, you'll find it intuitive to start exploring Stellar data right away. Artemis isn't just about metrics – it's about transparency, understanding, and empowering the community with better tools to tell the Stellar story.

‍Key metrics: Stellar KPI Deep Dive vs Blockchains

👋 @ElBarto_Cryptohere, data scientist at Artemis. Today we do a deep dive on Stellar metrics versus other blockchains.Originally launched in 2016, Stellar has seen steady growth in the number of monthly operations. While activity on the chain dipped during the most recent bear market, it increased from 250mn monthly operations to 300mn monthly operations in November 2024.
 
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                                              Monthly Operations on Stellar Net using Artemis
 
A key advantage of Stellar is its low cost per transaction, making it ideal to perform payments on the network. Stellar consistently has one of the lowest average transaction costs across networks that Artemis tracks, and is similar to recently launched blockchains.
 
 
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                                          Stellar fees vs other chains via Artemis
 
Soroban is Stellar's smart contract platform that was announced in 2022 and launched on mainnet in 2024. To encourage users to build on it, the Stellar Development Foundation launched the $100M Soroban adoption fund to support developers building on the platform. Weekly transactions on the platform have spiked in November 2024, to around 10 - 14k per week.
 
 
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                                      Weekly Sorobon Transaction Count via Artemis
 
Stellar is a top blockchain for securitizing US Treasuries. Franklin Templeton first chose Stellar to tokenize one of its US treasury funds and it has grown to have over $400mn in assets under management. The fund ranks among the top 3 in assets under management and has steady growth throughout 2024.
 
 
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                                                      US Treasuries Gragh vi Artemis
 
Stablecoins, remittances, and payments are other key focus areas for Stellar. Through the “anchor” system which allows the blockchain to interact with traditional finance rails, over 40 million payments have been facilitated. Payment volume through the >100 anchors has increased since inception in 2021, averaging over 40,000 payments per day in 2024. Circle, the issuer of USDC and an early anchor has processed over $15B in payments volume.
 
 
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👀 Something Historic Just Happened In Colombia

Something historic just happened in Colombia.
An object was recovered, a metallic sphere that defies explanation.

Now it’s the center of an international investigation involving U.S. congressmen, physicists, and Dr. Steven Greer.

The object, called the Buga Sphere, was discovered by a local metal detectorist, Don José.

👉 At first, it weighed 2kg, then 6kg and then 10kg.

The same object, no external changes and weight fluctuations recorded live.

What kind of material behaves like this?

The sphere doesn’t emit radiation, but it does mess with electronics.

People near it reported metallic taste, nausea, and phones going haywire. David Vélez wore an anti-static suit just to touch it.

Not exactly your average scrap metal.

A second sphere showed up in Jumbo, caught on camera by a separate witness.

Same shape, movement, and equatorial line.
Italy’s top UAP analysts reviewed the footage.
The metadata was untouched, it wasn't CGI, it’s real.

Inside the Buga Sphere scientists discovered:

🔹Fused polymers
🔹Optical ...

00:03:33
"The World Order That We Are Coming Into"

If XRP is the neutral bridge for all sovereign currencies, stablecoins, and tokenized assets, then it’s not just facilitating payments, it’s capturing all that value at every level. From smart contracts to tokenized treasuries and digitized assets, XRP forms the foundation and backbone for everything in between.

With cross-border payments representing a multi-trillion-dollar corridor, that’s where the largest capital will flow and the greatest returns will come from.

At this point, you’re the gatekeeper to the digital economy. Everything else follows or fades away once regulations take effect.

You either see it or you won’t until it’s too late.

~The Black Swan Capitalist

00:01:50
Denelle Dixon (Stellar CEO) On Bloomburg 🚀

'Everyone, including Mastercard and Visa, is looking at how this technology can make finance easier for their consumers and their business. I don't think there is going to be a loser, but I do think there will be shake-ups. And ultimately, the consumer is going to win.' - SDF CEO @DenelleDixon on @BloombergTV

00:05:29
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading
Bloomberg Analysts Increase XRP ETF Approval Odds to 95%

Key Takeaways:

🔹️Spot XRP ETF approval odds increased by Bloomberg analysts.

🔹️The SEC's positive engagement boosts confidence.

🔹️Ripple market could see significant liquidity influx.

https://aicryptocore.com/bloomberg-xrp-etf-approval-95-percent-odds/

🤔 What Happened To Jed McCaleb, The Co-founder and Chief Architect of the Stellar Development Foundation?

Jed McCaleb, the co-founder and Chief Architect of the Stellar Development Foundation (SDF), remains actively involved with Stellar as of 2025. He continues to serve on the SDF’s board and is recognized as the Chief Architect, helping to guide the technical vision and development of the Stellar network. The SDF, under his and other leaders' guidance, is focused on expanding real-world asset tokenization and aims to power $3 billion in real-world asset value on-chain by the end of 2025.

Beyond Stellar, McCaleb is also known for founding the aerospace company Vast, which is developing artificial gravity space stations; he currently serves as Vast’s chairman and sole funder. According to Forbes, McCaleb’s net worth is estimated at $2.9 billion as of April 2025.

In summary, Jed McCaleb is still deeply engaged with Stellar’s ongoing mission of financial inclusion and blockchain innovation, while also pursuing ambitious projects in the space industry.

https://www.vastspace.com/
...

What Is Stronghold? 🤔

👀 Current Price: $0.01183 👀
👉All Time High: $0.05931

Website: https://stronghold.co/
Whitepaper: https://docsend.com/view/dftxunt
Coin: SHX
Coinmarketcap: https://coinmarketcap.com/currencies/stronghold-token/
Max Supply: 100B SHX
Circulating Supply: 5.79B SHX
Stellar Contract Address: GDSTRSHXHGJ7ZIVRBXEYE5Q74XUVCUSEKEBR7UCHEUUEK72N7I7KJ6JH

👇 How to buy: Swap XLM --> SHX via the StellarX Dex 👇
https://www.stellarx.com/swap/native/SHX:GDSTRSHXHGJ7ZIVRBXEYE5Q74XUVCUSEKEBR7UCHEUUEK72N7I7KJ6JH

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Musk Turns On Starlink to Save Iranians from Regime’s Internet Crackdown

Elon Musk, the world’s richest man and a visionary behind SpaceX, has flipped the switch on Starlink, delivering internet to Iranians amid a brutal regime crackdown.

This move comes on the heels of Israeli strikes targeting Iran’s nuclear facilities, as the Islamic Republic cuts off online access.

The former Department of Government Efficiency chief activated Starlink satellite internet service for Iranians on Saturday following the Islamic Republic's decision to impose nationwide internet restrictions.

As the Jerusalem Post reports, that the Islamic Republic’s Communications Ministry announced the move, stating, "In view of the special conditions of the country, temporary restrictions have been imposed on the country’s internet."

This action followed a series of Israeli attacks on Iranian targets.

Starlink, a SpaceX-developed satellite constellation, provides high-speed internet to regions with limited connectivity, such as remote areas or conflict zones.

Elizabeth MacDonald, a Fox News contributor, highlighted its impact, noting, "Elon Musk turning on Starlink for Iran in 2022 was a game changer. Starlink connects directly to SpaceX satellites, bypassing Iran’s ground infrastructure. That means even during government-imposed shutdowns or censorship, users can still get online, and reportedly more than 100,000 inside Iran are doing that."

During the 2022 "Woman, Life, Freedom" protests, Starlink enabled Iranians to communicate and share footage globally despite network blackouts," she added.

MacDonald also mentioned ongoing tests of "direct-to-cell" capabilities, which could allow smartphone connections without a dish, potentially expanding access and supporting free expression and protest coordination.

Musk confirmed the activation, noting on Saturday, "The beams are on."

This follows the regime’s internet shutdowns, which were triggered by Israeli military actions.

Adding to the tension, Israeli Prime Minister Benjamin Netanyahu addressed the Iranian people on Friday, urging resistance against the regime.

"Israel's fight is not against the Iranian people. Our fight is against the murderous Islamic regime that oppresses and impoverishes you,” he said.

Meanwhile, Reza Pahlavi, the exiled son of Iran’s last monarch, called on military and security forces to abandon the regime, accusing Supreme Leader Ayatollah Ali Khamenei in a Persian-language social media post of forcing Iranians into an unwanted war.

Starlink has been a beacon in other crises. Beyond Iran, Musk has leveraged Starlink to assist people during natural disasters and conflicts.

In the wake of hurricanes and earthquakes, Starlink has provided critical internet access to affected communities, enabling emergency communications and coordination.

Similarly, during the Ukraine-Russia conflict, Musk activated Starlink to support Ukrainian forces and civilians, ensuring they could maintain contact and access vital information under dire circumstances.

The genius entrepreneur, is throwing a lifeline to the oppressed in Iran, and the libs can’t stand it.

Conservative talk show host Mark Levin praised Musk’s action, reposting a message stating that Starlink would "reconnect the Iranian people with the internet and put the final nail in the coffin of the Iranian regime."

"God bless you, Elon. The Starlink beams are on in Iran!" Levin wrote.

Musk, who recently stepped down from leading the DOGE in the Trump administration, has apologized to President Trump for past criticisms, including his stance on the One Big Beautiful Bill.

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GENIUS Act lets State banks conduct some business nationwide. Regulators object

The Senate passed the GENIUS Act for stablecoins last week, but significant work remains before it becomes law. The House has a different bill, the STABLE Act, with notable differences that must be reconciled. State banking regulators have raised strong objections to a provision in the GENIUS Act that would allow state banks to operate nationwide without authorization from host states or a federal regulator.

The controversial clause permits a state bank with a regulated stablecoin subsidiary to provide money transmitter and custodial services in any other state. While host states can impose consumer protection laws, they cannot require the usual authorization and oversight typically needed for out-of-state banking operations.

The Conference of State Bank Supervisors welcomed some changes in the GENIUS Act but remains adamantly opposed to this particular provision. In a statement, CSBS said:

“Critical changes must be made during House consideration of the legislation to prevent unintended consequences and further mitigate financial stability risks. CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors (Sec. 16(d)).”

The National Conference of State Legislatures expressed similar concerns in early June, stating:

“We urge you to oppose Section 16(d) and support state authority to regulate financial services in a manner that reflects local conditions, priorities and risk tolerances. Preserving the dual banking system and respecting state autonomy is essential to the safety, soundness and diversity of our nation’s financial sector.”

Evolution of nationwide authorization

Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.

Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.

Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.

However, the House STABLE Act takes a more permissive approach, allowing regulators to decide which non-stablecoin activities are permitted. If the House version prevails in reconciliation, it could result in a significant expansion of allowed nationwide banking activities beyond stablecoins.

Is it that bad?

As originally drafted, the clause seemed overly permissive.

The amended clause makes sense for stablecoin issuers. They want to have a single regulator and be able to provide the stablecoin services throughout the United States. But it also leans into the perception outside of crypto that this is just another form of regulatory arbitrage.

The controversy over Section 16(d) reflects concerns about creating a regulatory gap that allows banks to operate interstate without the oversight typically required from either federal or state authorities. As the two Congressional chambers work toward reconciliation, lawmakers must decide whether stablecoin legislation should include provisions that effectively reduce traditional banking oversight requirements.

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If you find value in my content, consider showing your support via:

💳 PayPal: 
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Dubai regulator VARA classifies RWA issuance as licensed activity
Virtual Asset Regulatory Authority (VARA) leads global regulatory framework - makes RWA issuance licensed activity in Dubai.

Real-world assets (RWAs) issuance is now licensed activity in Dubai.

~ Actual law.
~ Not a legal gray zone.
~ Not a whitepaper fantasy.

RWA issuance and listing on secondary markets is defined under binding crypto regulation.

It’s execution by Dubai.

Irina Heaver explained:

“RWA issuance is no longer theoretical. It’s now a regulatory reality.”

VARA defined:

- RWAs are classified as Asset-Referenced Virtual Assets (ARVAs)

- Secondary market trading is permitted under VARA license

- Issuers need capital, audits, and legal disclosures

- Regulated broker-dealers and exchanges can now onboard and trade them

This closes the gap that killed STOs in 2018.

No more tokenization without venues.
No more assets without liquidity.

UAE is doing what Switzerland, Singapore, and Europe still haven’t:

Creating enforceable frameworks for RWA tokenization that actually work.

Matthew White, CEO of VARA, said it perfectly:

“Tokenization will redefine global finance in 2025.”

He’s not exaggerating.

$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
~Private credit.
~Shariah-compliant products.

Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

It’s already here.

 

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If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

 

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