Stellar Development Foundation invests in Settle Network to support stablecoin-based payment too

The Stellar Development Foundation (SDF) invested $3 million worth of Stellar lumens in Latin American cross-border payment and exchange platform Settle Network. 

The investment is intended to bolster Settle's stablecoin-centered payment tools. Settle Network recently launched StableX, a stablecoin exchange, with the goal of building a Latin American foothold in the fiat-to-crypto market as well as in its home in Argentina. 


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“When we started Settle, we chose to build on Stellar because its technology is designed for global interoperability and that has enabled us to create a thriving stablecoin business in LATAM and expand our product offering to launch the world’s first stablecoin exchange and stablecoin gateway, StableX,” Pablo Orlando, CEO of Settle Network, said in a press statement.

This investment marks the fourth from the SDF Enterprise Fund this fiscal year. A total of $9.3 million was given to DSTOQ, Abra, SatoshiPay, and now Settle Network.

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MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.