Ripple's (XRP) competitor, Stellar (XLM), has announced that it plans to launch smart contracts later this year. Justin Rice, Stellar Development Foundation (SDF) ecosystem head, states that smart contracts will introduce a new product and service on the Stellar blockchain.

   “We are still at the beginning of the road, but we are exploring the development of smart contract codes at SDF. However, I can say that we are committed to providing this service to the Stellar community. Our goal is to make Stellar one of the best networks for developers. Thus, we will be able to offer high quality and secure applications to our users. At the same time, we want to adapt to the competitive blockchain environment and create an ecosystem that can meet the needs of developers."

Stellar (XLM) was developed as an open network for storing and moving money. The project's native cryptocurrency, XLM, acts as a bridge between two fiat currencies for international money transfer.

Stellar (XLM)-1

Tomer Weller, Stellar's vice president of cryptocurrency strategy, outlined the roadmap for the new smart contract implementation on his Twitter account.

   “We aim for a complete testnet of the smart contract platform by the end of 2022. Stellar will decide when to activate the smart contract implementation.”

In October, SDF entered into a partnership agreement that allows payments giant MoneyGram to use the Stellar blockchain network to facilitate cross-border money transfers. MoneyGram reached an agreement with Ripple for foreign currency payments and cross-border money transfers in 2019.

However, the US Securities and Exchange Commission (SEC) announced that it had bilaterally suspended its partnership with XRP last February, following a lawsuit filed against Ripple.

Stellar Price and Market Data

Stellar price is $0.202866 at the time of news and a 24-hour trading volume is $183,224,054. The price has increased by 4.9% in the last 24 hours. There is a supply of 25 Billion XLM coins in circulation, with a total supply of 50 Billion coins. HitBTC is currently the most active market where this is traded.