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- Stellar’s daily transaction volume surged by 246.89%, highlighting significant market activity.
- Stellar’s network adoption is growing, with financial institutions turning to its blockchain for asset tokenization.
In addition to the outstanding developments surrounding $XRP Ripple, the cryptocurrency Stellar ($XLM) is performing admirably.
At the time of writing, $XLM is trading around $0.1019, up 9.31% over the last 24 hours. Its daily transaction volume increased by 246.89% to $279.36 million, making it the 26th largest cryptocurrency with a market cap of $2.99 billion.
As $XRP surged and headed today’s top gainer list, $XLM joined the top five best-performing cryptocurrencies.
This predicts an upswing stance comparable to that observed in 2020–2021. These higher lows and breakouts could indicate a 594% return back to, if not above, all-time highs (ATH).
On the other hand, Simplex has announced that $USDC will now be supported on the Stellar network. Because of its collaboration with StellarOrg, customers may now buy $USDC on Stellar with ease, allowing for faster and cheaper transactions.
#$USDC is now supported on the #Stellar blockchain!
Thanks to our collaboration with @StellarOrg, you can now seamlessly buy $USDC on Stellar, enabling faster and cheaper transactions.#Crypto #Blockchain #Simplex pic.twitter.com/AOx163txsU
— Simplex (@SimplexCC) August 6, 2024
Earlier this month, CNF revealed that Paychant, a Web3 on- and off-ramp solution for African users, had integrated the Stellar Anchor Platform (SEP-24) to expand its services across the continent. This integration enables any Stellar wallet or dApp to use Paychant for native $XLM and $USDC stablecoin on- and off-ramping.
Furthermore, we previously posted that some financial institutions are using the Stellar network for asset tokenization. Financial institutions are increasingly turning to Stellar to tokenize real-world assets (RWA).
Taurus, an infrastructure provider with Deutsche Bank’s support, has also enhanced its digital asset issuing and storage capabilities by incorporating the Stellar Network.