OwlTing Group has announced a significant development in its digital wallet service by integrating OwlPay Wallet Pro with the Stellar blockchain. This integration is aimed at supporting the USDC stablecoin on Stellar, thereby broadening the accessibility and utility of the OwlPay payment platform. According to a press release issued by OwlTing, a global blockchain FinTech company, this move will extend the platform’s reach to over 8 million accounts on the Stellar network.
The founder and CEO of OwlTing Group, Darren Wang, conveyed that integrating the Stellar blockchain into their digital wallet will grant access to Stellar network users in the United States. This development is seen as a substantial opportunity for OwlTing to expand its user base and enhance its market presence.
Multi-Blockchain Support and Regulatory Compliance
The integration with Stellar marks the sixth major blockchain that OwlPay Wallet Pro supports for the USDC stablecoin. Prior to this, the platform already supported Ethereum, Polygon, Avalanche, Arbitrum, and Optimism. This multi-blockchain support showcases OwlTing’s commitment to providing versatile and robust payment solutions across various blockchain networks.
OwlPay Wallet Pro is designed to offer a legal and compliant solution for cross-border transactions, catering to both enterprises and individual users. The platform holds money transmitter licenses from 28 states in the U.S., enabling it to serve corporate customers in 46 states and individual users in 28 states. This regulatory compliance ensures that OwlPay can operate efficiently and legally across a wide geographic area, providing a secure and reliable service to its users.
Enhanced Payment Flexibility and Future Prospects
A notable advantage of the integration with Stellar is that it allows OwlPay users to handle transaction expenses, such as account activation fees and transaction fees, using fiat currency. This feature eliminates the need for users to acquire Stellar Lumens (XLM) to cover these expenses, thereby simplifying the payment process and enhancing user convenience.
Darren Wang highlighted that OwlTing is well-positioned to become a member of the Stellar Anchor Directory. This collaboration with Stellar is expected to contribute to building a global network, empowering users with access to compliant and ready-to-use cross-border payment solutions. Additionally, it offers opportunities to optimize payment flows within the Web3 environment.
In June 2021, Lisa Nestor, who was the senior director of ecosystem at the Stellar Development Foundation at that time, expressed optimism about the digital asset space’s growth. She emphasized that enabling connections with stablecoins like USDC would provide new ways to access traditional fiat currency. Nestor noted that there is significant interest and demand globally for the ability to save, access, and transact seamlessly across borders with dollars.
Conclusion
The integration of OwlPay Wallet Pro with the Stellar blockchain represents a strategic move by OwlTing Group to enhance its payment platform’s capabilities and expand its market reach. By supporting USDC on Stellar, OwlPay can now serve a broader audience, providing them with a legal and compliant solution for cross-border transactions. This integration not only simplifies the transaction process for users but also positions OwlTing as a significant player in the evolving Web3 environment. As the digital asset space continues to grow, collaborations like this will be crucial in optimizing payment flows and offering innovative solutions to meet the demands of a global user base.