We are delighted to announce the launch of more Stellar Trustline Support assets on Bitpowr. This means you can now enable, store, receive and send multiple Stellar blockchain assets directly on Bitpowr.
What is a Trustline On Stellar and Why Does it Matter?
According to Stellar, “a Trustline is an explicit opt-in for an account to hold and trade a particular asset.” This means to receive, hold or trade any asset on the Stellar network apart from Stellar’s native token, lumens (XLM), you have to set up a Trustline. By establishing a Trustline, you indicate that you’re willing to accept a particular token and the amount of that token you want to hold.
To better understand how Trustlines work, you need to know what an anchor or an issuing account is. Anchors are entities, either individuals or organizations, that issue assets on the Stellar network.
Anchors typically receive deposits of fiat currency or other real-world assets, issue an amount of tokens that represent the value of the deposits, display your token balance on Stellar’s ledger and approve withdrawals for the issued tokens. So when you hold an asset on Stellar, you’re holding “credits” from the issuer which you can either transact with on the network or return in exchange for fiat currency at any time.
To be able to trade, store, send and receive an asset on Stellar, you establish a Trustline with the anchor’s (issuer) account, which is the issuer’s Stellar account that created the selected asset. That way, you’re enabling your wallet to transact with that specific asset issued by that particular entity on Stellar.
Stellar Trustlines operate a little differently from the token sending and receiving process on Solana. On Solana Blockchain, the token receiver can create an associated token account to receive a specific token or the token issuer could fund the creation of the account on their behalf.
With Trustlines, you can avoid receiving unwanted tokens since you get to indicate what tokens you’re willing to accept. Also, you can choose to interact and transact with only tokens issued by the most trustworthy anchors.
Live Stellar Blockchain Assets on Bitpowr
Based on the recent updates, you can now enable, save, receive and send the following assets on the Stellar blockchain on Bitpowr:
1. Stellar (XLM)
2. USDC (XLM)
Note: USDC is currently pegged to several blockchains on Bitpowr including, Polygon (USDC_MATIC), Tron (USDC_TRON), Solana (USDC_SOL), Binance Smart Chain (USDC_BSC), and now Stellar (USDC_XLM).
3. EURC (XLM)
We are working hard to grow this list daily and expand your options.
Add Trustline Assets Via API
Click here to read the documentation on how to add Trustline Assets to your Bitpowr account via API.
Do More on Bitpowr
With this latest update, we’ve successfully expanded our token support. That way, you can explore more Stellar-network based opportunities and offer more options to your customers. If you haven’t integrated with our unified ecosystem of blockchains, let’s chat!