TAIPEI, Aug. 1, 2024 /PRNewswire/ — OwlTing Group, a global blockchain fintech company headquartered in Taiwan, today announced that its digital wallet solution, OwlPay® Wallet Pro (the “Wallet”) has integrated with the Stellar blockchain to support the Stellar USDC stablecoin. The Wallet is now available both for iOS and Android on Apple’s App Store and Google Play Store in the U.S., offering a legal, compliant, and seamless cross-border transaction experience for enterprises and individual users.
OwlTing Unveils Integration with Stellar to Support USDC Stablecoin on OwlPay® Wallet Pro
OwlPay® Wallet Pro supports the USDC stablecoin on Stellar, along with five[1] other major blockchains. The integration expands the reach of OwlPay®’s payment platform through the Stellar network, which is expected to continue its growth in the user base by tapping into more than 8 million accounts on Stellar with over US$1.6B total payments volume for all real-world assets.
This integration enables OwlPay® to join the Stellar ecosystem and foster synergies among the leading developers to bring most the world’s main currencies together seamlessly on one platform. This was incorporated by a strategic investment from the Stellar Development Foundation (SDF). SDF’s investment is part of the recently closed financing round of the OwlTing Group raising an aggregate amount in the eight figures in USD among investors from the U.S., Japan, the U.K., and Taiwan.
Darren Wang, Founder and CEO of OwlTing Group, expressed his excitement about the dynamics, stating, “Our collaboration with the Stellar Development Foundation marks a significant step forward for OwlPay®. Integrating the Stellar blockchain into our Wallet opens up access to Stellar network users in the U.S. This presents a tremendous opportunity for OwlTing to expand our user base and enhance our market presence. We are excited to leverage this partnership to bring OwlTing’s innovative cross-border payment solutions to a broader community.”
Beyond the wide geographical reach, a key advantage of OwlPay® Wallet Pro would be staying compliant with regulations. OwlTing currently holds Money Transmitter Licenses (MTL) from 28 states[2] in the U.S., allowing it to serve both corporate customers across 46 states and individuals in these 28 states. The Company leverages AI-enhanced compliance partners to implement measures for customer due diligence and anti-money laundering, ensuring users to transact both fiat and stablecoin with the Wallet properly.
Integrated with the Stellar network, OwlPay® Wallet Pro offers another key advantage of streamlined transaction process for users. OwlPay® users are not required to acquire Stellar Lumens (XLM) to pay for the transaction expenses, such as the account activation fee (Sponsored Reserves) and the transaction fee (Fee-bump). Instead, those expenses are charged in fiat currency, greatly simplifying the process and eliminating the need to exchange fiat for another cryptocurrency.
To better transfer different financial assets across regions or payment systems, Stellar allows Anchors[3], entities that bridge their payment services to the network to unite the fiat and digital asset economies, to form a new global payment standard. This enables OwlPay® to offer users an accessible entry into a state-licensed and secure self-hosted payment wallet on the Stellar network, providing a direct on-off ramp solution for sending and receiving stablecoins within the U.S.
“Going forward, OwlTing is well-positioned to become one of the Stellar Anchor Directory members,” said Darren Wang, “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.”
About Stellar
Stellar is more than a blockchain. Powered by a decentralized, fast, scalable, and uniquely sustainable network made for financial products and services and a thriving and passionate ecosystem that includes a non-profit organization driven by a mission, Stellar is paving the path to unlock the world’s economic potential through blockchain technology. Built with speed and low costs in mind, the Stellar network provides builders and financial institutions worldwide a platform to issue assets, and to send and convert currencies in real time creating real world utility.
About the Stellar Development Foundation
The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world’s financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar’s codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world’s economic potential through blockchain technology. For more information, visit here.
About OwlPay® Wallet Pro
OwlPay® Wallet Pro is a self-hosted blockchain wallet solution to empower enterprises and individuals, offering a fast setup for a U.S. state-licensed and secure multi-currency payment wallet for cross-border transactions. For more information, visit here.
About OwlTing Group
Founded in 2010, OwlTing is a global blockchain fintech company based in Taiwan and has branch offices in the U.S., Japan, Singapore, Hong Kong, Thailand, and Malaysia. In 2022, it was selected by KPMG and HSBC as “the Leading 3 Emerging Giants in Taiwan”. With the mission to usher in the digital transformation of traditional payment processes, while ensuring legal compliance, OwlTing introduced OwlPay®, a Web2 and Web3 hybrid payment solution, to empower global businesses to operate confidently in the evolving digital landscape. For more information, visit here.
Media ContactPR Office at OwlTing Group
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[1] OwlPay® Wallet Pro currently supports six blockchains including Stellar, Ethereum, Polygon, Avalanche, Arbitrum, and Optimism. |
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[2] As of July 2024, OwlTing Group has obtained MTL licenses in 28 U.S. states and is in the process of applying for relevant legal trading licenses in other U.S. states, as well as in Japan, the EU, Singapore, and Hong Kong. For a list of U.S. licenses obtained, please see here. |
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[3] An anchor is a Stellar-specific term for the on and off-ramps that connect the Stellar network to traditional financial rails, such as a fintech company like OwlTing Group. Anchors accept users’ deposits of fiat currencies for receiving the equivalent digital tokens on the Stellar network. Anchors also allow token holders to redeem their tokens for the real-world assets they represent. |
SOURCE OwlTing Group