Stellar (XLM) Rolls Out Crypto-Based Bulk Payment Platform

Wyre and Stellar

Stellar, a prominent blockchain-based payment network, has announced the open source release of the “Stellar Disbursement Platform” (SDP), a crypto-based bulk disbursement tool.

Stellar Releases Open-Source Disbursement Platform

Developed by the Stellar Development Foundation (SDF), the payment solution enables users to make bulk payments to a group of recipients through the Stellar network. According to Stellar, with SDP, users can quickly send funds to thousands of recipients in a matter of seconds, track funds delivery in real-time, execute supplier payments, payroll, contractor payments, and more.

Moreover, SDP gives access to Stellar’s extensive network of global on and off-ramps, which allows users to convert their digital assets into cash in more than 180 countries.

Facilitating Digital Aid Disbursements in Ukraine

Before the open source release, the tool has been used to facilitate digital aid disbursements in Ukraine since December 2022. During this period, Stellar said it worked to make the tool faster, cheaper, and a transparent digital disbursements tool available for anyone to use and build upon.

Denelle Dixon, the CEO and Executive Director of the Stellar Development Foundation, commented on the latest release, highlighting SDP’s success in powering digital aid disbursements in Ukraine and how it has been developed to become an open-source tool.

“Our team took this on as a labor of love – building a tool to power digital aid disbursements in Ukraine and now, the open-source turnkey payment solution for faster, cheaper, and transparent digital disbursements for everyone,” she said.

Meanwhile, the latest development comes a few days after Stellar announced a strategic investment in money transfer company MoneyGram International (MGI) as part of an effort to bolster the adoption of blockchain technology in the payment industry. While the financial details were not disclosed, the investment was made out of SDF cash treasury and gave the foundation a seat on MoneyGram’s board of directors.

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