The processes and structures below are detailed in the SDF bylaws, which outline SDF governance policies.

Members of

All Members of were established at the time of incorporation. Members serve for life and are responsible for electing the Board of Directors.

The SDF Members are Patrick Collison, David Mazieres, and Jed McCaleb. Each Member serves for life or until he or she becomes incapacitated or appoints a successor Member and resigns.

Members of are distinct from Directors (members of the Board of Directors). A Member can also be a Director and vice versa, but the Board and Members are entirely separate bodies with regard to SDF governance.

SDF Boards

SDF has three (3) boards:

  • Board of Directors: Responsible for core governance decisions, determining the direction of the Stellar Network, and lumen distribution. The Board of Directors is advised by the other two boards.
  • Architecture Board (AB): Responsible for determining and overseeing sponsored technical initiatives.
  • Expansion Board (EB): Responsible for overseeing network expansion initiatives, engaging with regulators, and training.

Board of Directors

The responsibilities of the Board of Directors are:

  • Setting the mission and purpose of SDF
  • Electing an Executive Director
  • Ensuring adequate financial resources for SDF
  • Preserving the ethical integrity of SDF
  • Overseeing SDF’s activities

Directors serve a term of one year and can be re-elected for additional years of service. For more information about the Board of Directors and Members, please refer to the Bylaws.

SDF provides no compensation to Members or Directors for their service in such roles.

Executive Director

The Executive Director leads the operations of the Board of Directors. In addition, the Executive Director has the power to appoint top management positions, including, but not, limited to: financial, operations, community, technology, and more. The Executive Director also has the power to set salary and benefit levels for other staff.

The Executive Director is elected by the Board of Directors and has the right to resign at any time upon written notice.

Employee Compensation

In order to attract and retain the best employees, SDF acknowledges that it must offer competitive salaries and benefits. Employee salaries are set by the Executive Director. The Board of Directors sets the Executive Director salary.

SDF also offers employees compensation in lumens on a four-year vesting schedule. Employee lumen grants must be approved by the Board of Directors.

Foundation Membership

Foundation Membership gives strategic partners the ability to shape SDF by voting on key decisions regarding direction, prioritization, and governance as part of the Stellar Expansion Board.

The following categories of entities are eligible for “Foundation Membership” status:

  • Institutions that use the Stellar network for money transfer, including, but not limited to, banks, money transfer firms, remittance companies, mobile money operators, credit card networks, and payment platforms
  • Service providers including consulting firms, financial technology companies, software providers, and integration specialists
  • Institutions that may not fit into one of these categories, such as universities, governmental organizations, and other non-profit organizations

All Foundation Memberships are subject to SDF approval and require an annual support contribution.


Compensation Policy
Conflict of Interest Policy
Harassment Policy
Records Retention Policy
Whistleblower Policy
Stellar Development Foundation PIIA


To build trust within the community and within our team, SDF is committed to transparency and other safeguards. Therefore, as part of our governance practices, the following will be made permanently and publicly available:

  • Details/mechanism of the various lumen distribution programs
  • Aggregate number of individuals who have participated in the Direct Sign-up Program and number of lumens distributed
  • Details and progress of the Partnerships Program and Stellar Build Challenge, including number of applications received, grants granted, and distribution schedule
  • Details and progress of the bitcoin program
  • Total lumens held by the Foundation

Donations may also receive tax-deductible donations from the public. Past donors include BlackRock,, and FastForward.