| Peter Wind

Key highlights:

  • The Stellar Development Foundation (SDF) has partnered with Ukraine’s Ministry of Digital Transformation
  • The collaboration will consist of activities related to virtual assets, stablecoins and central bank digital currency
  • The price of Stellar’s native asset XLM jumped over 25% on the news

Stellar Development Foundation teams up with Ukraine’s Ministry of Digital Transformation to work on virtual assets, stablecoins, and central bank digital currency

The Stellar Development Foundation (SDF), the non-profit spearheading the development of the Stellar blockchain platform, has announced a partnership with Ukraine’s Ministry of Digital Transformation. 

According to a press release, the SDF will be working with the Ministry of Digital Transformation to help build a market infrastructure for digital assets in Ukraine. In addition, the two parties will be contributed to Ukraine’s central bank digital currency efforts. Oleksandr Bornyakov, the Deputy Minister of Digital Transformation for IT Development, stated:

»Another important aspect of this cooperation is contributing to the development of the infrastructure for a Ukrainian national digital currency. Most of the world’s leading countries are developing their own national digital currencies. The National Bank of Ukraine has been researching the possibility of CBDC implementation since 2017. It demonstrates Ukraine’s movement towards one of major financial trends. At the Ministry, we aspire to ensure our country’s adaptation to technological innovations and competitiveness in the financial market in Eastern Europe.«

The National Bank of Ukraine is no stranger to Stellar’s technology. In 2019, it used a private version of the Stellar protocol as its platform of choice for an E-Hryvnia pilot project. The hryvnia (UAH) is the national currency of Ukraine. 

Beyond CBDCs and virtual assets more broadly, the SDF and the Ministry of Digital Transformation will also be working on infrastructure for stablecoins, an area where the Stellar platform has made some important moves recently. The CENTRE consortium’s USD Coin stablecoin will be made available on the Stellar platform in Q1 of this year, and German bank Bankhaus von der Heydt has launched an EUR-pegged stablecoin on the Stellar platform in partnership with Bitbond. 

The press release states that the activities related to the partnership between the SDF and the National Bank of Ukraine will officially start in January.

The markets for XLM, the native asset of the public Stellar blockchain, have reacted positively to the news. XLM is up 24.7% in the last 24 hours despite the total cryptocurrency market cap taking a -0.5% dip in the same time frame. However, it’s worth noting that the press release does not explicitly mention XLM or the public Stellar blockchain, so it remains to be seen whether the collaboration between the SDF and Ukraine’s Ministry of Digital Transformation will directly lead to more participation on Stellar or greater demand for XLM. 

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