Denelle Dixon, CEO of Stellar Development Foundation was invited on Capitol Hill to brief members of House Financial Services Committee FinTech Task Force last week. There she talked about the uses of blockchain in financial services.
Denelle went on to explain Stellar and how capable Stellar network is by processing more than 2.5 million transactions on daily basis.
Here is the full video.
She then emphasized on cross-border payments which is strongest feature of Stellar network. Cowrie, a company from Nigeria manages the NGNT stellar token that is backed in 1:1 ratio by Nigerian Naira. This allow people living in Nigeria to convert and send Naira to anyone in the world who accept any of supported Stellar tokens.
Another Stellar stablecoin manager, Tempo was also mentioned that issues Stellar assets backed in 1:1 by Euro. All these things allow Stellar to be interoperable. For instance, one can send Naira to someone living in Europe who accepts only Euros by getting NGNT tokens by depositing Naira, which is then converted to EURO token and then cashed out to fiat using Tempo services.
Naira -> NGNT -> EURT -> Euros
This conversion is done in less than 5 seconds on Stellar network for nearly zero fees.
At the same time, Denelle emphasized on importance in staying compliant by pushing KYC (know you customer) / AML (anti-money laundering) to stablecoin users in their respective regions.