The push for mainstream crypto payments gains momentum as payments facilitator AEON joins forces with the Stellar network, aiming to significantly boost digital asset use across Southeast Asia.
This strategic alliance integrates Stellar’s native token, XLM, and the widely used stablecoin USDC (issued on Stellar) into AEON’s payment ecosystem, enabling their acceptance at numerous retail outlets in key Southeast Asian urban centers.
Following the Southeast Asian rollout, the partners plan to extend this blockchain-based payment solution to markets in Africa and Latin America, signaling broad ambitions for accessible digital finance.
Payments using XLM and Stellar-USDC will leverage AEON Pay, a mobile platform designed for Web3 commerce, connecting users to real-world purchasing opportunities. The service boasts impressive reach, linking over 10,000 brands and 20 million QR-code accepting stores throughout Southeast Asia.
Integrating Stellar assets aims to provide businesses and consumers with efficient and accessible new payment avenues, enhancing financial inclusivity through modern financial technology.
This move taps into the increasing trend of utilizing cryptocurrencies and stablecoins for everyday transactions, a sector potentially poised for growth as regulatory frameworks evolve globally.
Consumers seeking fast, low-cost transaction alternatives, particularly for cross-border payments, are increasingly exploring digital asset solutions offered by blockchain networks as substitutes for traditional banking limitations.
Stellar’s network is specifically optimized for payments, handling both small retail transactions and larger institutional transfers efficiently. Both AEON and Stellar view this collaboration as a significant step forward for practical Web3 commerce applications.
This Stellar integration follows AEON’s recent addition of The Open Network, which enabled payments using Toncoin (TON) and the TON-based version of the Tether (USDT) stablecoin for Telegram’s vast user base.
Stellar continues to build bridges between traditional finance (TradFi) and the crypto world, evidenced by its established partnerships with prominent financial and tech players.
Collaborations with giants like Mastercard, Stripe, and Paxos underscore Stellar’s industry penetration. Notably, Stripe utilizes Stellar for XLM payouts, and Paxos leverages the network to broaden the reach of its own US dollar stablecoin, demonstrating growing trust in the network’s capabilities.