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Introduction

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Usually, the banks don't accept cryptocurrencies. As a result, we cannot go to the bank and convert our cryptocurrency to the local currency or we cannot use the bank to convert our own currency into cryptocurrencies. But cryptocurrency is decentralized so we don't need to go to the bank for converting our assets into real money. Sometimes people like to say that cryptocurrency can replace the traditional banking system. It can happen, the Stellar-MoneyGram partnership stands out as a game-changer in the crypto world. This collaboration aims to empower individuals in over 200 countries, allowing them to convert cash to crypto without the requirement for a traditional bank.

Story of Stellar, its recent developments, and the potential of its native cryptocurrency, XLM

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What is Stellar? Stellar's Foundation and Development

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Stellar Founded in 2014, Stellar emerged as a unique cryptocurrency project with its consensus mechanism. It is one of the best smart contract crypto by Market Capitalization. Stellar was founded in 2014 by David Mazieras, Joyce Kim, and Jed Mekhalib. Stellar originally began its journey as a fork of XRP in 2014. With a focus on facilitating payments and tokenized assets, Stellar established a global network of Fiat. Over the years, it has partnered with various financial institutions and governments to develop central bank digital currencies. Stellar's development process illustrates that this coin has potential in the crypto space.

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Stellar's Unique Features

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Stellar's blockchain operates with a relatively centralized structure, with a few selected institutions, including the Stellar Development Foundation, running 21 top-tier validator nodes. However, anyone can contribute to securing the blockchain by setting up Stellar's unique node which is called the "core node". Unlike many other cryptocurrencies, Stellar does not offer economic motivations for running a node or staking XLM. An interesting point is that all transaction fees in XLM are stored in a locked account, which is unused by anyone. Another great feature of Stellar is cross-currency conversions. The cross-border transaction with less transaction fee facilitates everyone to convert their assets into the local currency. You can transfer the assets in the form of local currency to another user of the Stellar network, even if he lives in another part of the world. Steller's cross-border transaction speed is much faster than the traditional transaction speed.

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Partnerships and Achievements

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Stellar has achieved significant milestones through partnerships with various organizations. Notable collaborations include remittance payment providers like MoneyGram and real estate groups issuing bonds on the Stellar Blockchain. Partnership with Moneygram was big news. Also, the integration of the top stablecoin like USDC and collaborations with governments for CBDC development is displaying Stellar's growing power. The partnership with MoneyGram aims to simplify the conversion between USDC and cash, making fiat and cryptocurrency exchange more accessible across the globe.

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Challenges and Future Prospects

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Despite Stellar's impressive progress, XLM's price chart was disappointing. In the case of price value and as a potentially strong crypto Stellar is lagging behind other cryptocurrencies. This can happen due to the selling pressure from the Stellar Development Foundation. XLM sales aim to fund operations and develop the ecosystem. Many reasons impact the price of crypto. However, It's common for many potential cryptos that they are moving slowly in price for some reasons. It seems that XLM's price is connected with XRP. Recently a good news on XRP arrives and the price of both coins rises a bit more. I hope that XRP and XLM has a lot of potential to do a lot better in the future.

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Conclusion

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The partnership between Stellar and MoneyGram holds the potential to bridge the gap between traditional finance and the world of cryptocurrencies. It unlocks a possibility in the world of finance. Stellar's continuous development, strategic partnerships, and focus on improving the existing financial infrastructure status prove that Stellar blockchain plays a significant role in the crypto industry. Stellar's roadmap reveals promising milestones that could attract both retail and institutional interest. Partnerships with Moneygram, cross-currency conversions, fast transactions, and low fees everything contribute to its promising journey in the years to come. The widespread adoption of cryptocurrencies could also create new possibilities in the banking sector. There is no reason to think negatively that cryptocurrency will eliminate the banking sector. But if banks adopt crypto, it can bring about a revolutionary change in the economy. Instead of completely eliminating the traditional system, crypto can be connected with it.

^{Reference, Official website of Stellar}

^{But my words are not financial advice here. Your own research is more important. Because at the end of the day, no one is responsible for both profit and loss here. Thank you.}