OwlTing Integrates Digital Wallet With Stellar Blockchain

OwlTing Group integrated its digital wallet, OwlPay Wallet Pro, with the Stellar blockchain to support the USDC stablecoin on Stellar.

The integration will expand the reach of the OwlPay payment platform to the more than 8 million accounts on Stellar, OwlTing, a global blockchain FinTech company, said in a Thursday (Aug. 1) press release.

“Integrating the Stellar blockchain into our Wallet opens up access to Stellar network users in the U.S.,” OwlTing Group founder and CEO Darren Wang said in the release. “This presents a tremendous opportunity for OwlTing to expand our user base and enhance our market presence.”

Stellar is the sixth major blockchain on which OwlPay Wallet Pro supports the USDC stablecoin, with the others being Ethereum, Polygon, Avalanche, Arbitrum and Optimism, according to the release.

OwlPay Wallet Pro offers a legal and compliant cross-border transaction solution for both enterprises and individual users, the release said. With money transmitter licenses from 28 states in the U.S., OwlTing can serve corporate customers in 46 states and individuals in 28 states.

The integration with Stellar also offers OwlPay users a way to pay for transaction expenses like the account activation fee and the transaction fee with fiat currency rather than having to acquire Stellar Lumens (XLM) to pay for those expenses, per the release.

“Going forward, OwlTing is well-positioned to become one of the Stellar Anchor Directory members,” Wang said in the release. “Through this collaboration, OwlTing will join in the efforts of building a global network with Stellar, empowering users to access cross-border payments with a compliant and ready-to-use solution, and to explore the possibilities of optimizing payment flows in the Web3 environment.”

In June 2021, Lisa Nestor, who was senior director of ecosystem at Stellar Development Foundation at the time, told PYMNTS that the digital asset space will be large, and enabling connections with stablecoins like USDC will allow access to traditional fiat currency in new ways.

“We hear from our partners around the world that the ability to save, access and transact seamlessly across borders, with dollars, is something that draws a lot of interest and demand,” Nestor said.