The Stellar token skilled a notable 11.5% improve in worth between Sept. 2 and Sept. 8, a novelty provided that Bitcoin and most altcoins are down for the week. The surge got here after Stellar (XLM) examined the $0.113 help degree, which marked its lowest level previously eight weeks. The value upswing adopted a preliminary announcement made by the Stellar group on social media.
Whereas the announcement was considerably cryptic, it hinted at one thing vital occurring on Sept. 12, with phrases like “one thing cool is dropping” and “change” on the horizon.
Extra lately, on Sept. 7, Stellar additional heightened expectations by teasing a possible partnership. Nevertheless, much like the sooner announcement, no particular particulars had been offered, with solely phrases like “model” and “actual world” used, suggesting a attainable rebranding and a shift towards real-world property (RWA) like shares, bonds and actual property.
Caroline Pham, one of many 5 commissioners of the Commodity Futures Buying and selling Fee, emphasised on July 17 that latest court docket selections concerning the classification of cryptocurrency property would in the end result in regulatory readability. Pham additionally harassed the importance of RWAs and highlighted the alternatives for modernizing monetary markets via the tokenization of cash market funds on blockchain know-how.
No, it’s unlikely that Elon Musk is coming to avoid wasting XLM
Unfounded rumors circulated concerning Elon Musk’s X (previously Twitter) probably integrating XLM after the social community obtained a forex transmitter license from regulators on Aug. 28. It’s price noting that X had beforehand obtained approvals from six different states previous to this newest announcement.
Elon Musk will construct X into the worlds Most worthy monetary establishment
He’s buying all the mandatory licenses to combine CRYPTO into Twitter/X
My hope is that $ETH, $XRP or $HBAR and even $XLM is in the future concerned pic.twitter.com/YjRTxF0pMz
— MASON VERSLUIS (@MasonVersluis) August 31, 2023
Furthermore, it’s essential to notice that even when X decides to combine a number of cryptocurrencies, XLM’s present market capitalization of $3.4 billion falls wanting making it a high 20 contender. The same evaluation, utilizing Messari Crypto’s “actual quantity” rating, positions XLM as twentieth when it comes to buying and selling quantity, trailing behind rivals comparable to Bitcoin Money (BCH), Sui (SUI), Litecoin (LTC) and Ripple’s XRP (XRP).
In mid-August, the Stellar Growth Basis (SDF) leveraged its money treasury to change into a minority investor in funds supplier MoneyGram Worldwide. SDF, the entity behind Stellar’s native token improvement, had beforehand established a industrial partnership with MoneyGram in 2021.
In keeping with Denelle Dixon, SDF’s CEO and govt director, this funding would contribute to MoneyGram by increasing its digital enterprise and exploring blockchain know-how.
Stellar’s web site states:
“Your software can now seamlessly hook up with MoneyGram’s retail community via a single integration, permitting customers to deposit or withdraw money from their digital wallets through Stellar USDC with out requiring a checking account.”
The web site provides the combination’s numerous advantages, together with the power for customers to “high up their digital pockets stability with money,” conduct “near-instant, low-cost money transactions” utilizing “greenback digital currencies” and full Know Your Buyer procedures “via MoneyGram’s user-friendly interface.”
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Stellar’s announcement will doubtless contain Soroban
Stellar is getting ready to deploy a sensible contract platform referred to as Soroban on its mainnet. The corporate launched a $100 million adoption fund in October 2022 to encourage developer exercise for functions on its Futurenet testnet.
Though this week’s value motion does elevate eyebrows, other than the unfounded hypothesis, all indicators point out that Stellar is positioning itself to compete within the $37.8 billion decentralized software market. The present market chief, Ethereum, holds a dominant 56.6% market share, in keeping with DefiLlama, regardless of its common transaction price of $4.
It’s simple that RWAs in decentralized finance maintain vital potential, as exemplified by MakerDAO’s holdings of U.S. Treasurys, which have boosted the protocol’s revenues and successfully mitigated the elevated publicity of its Dai (DAI) stablecoin to USD Coin (USDC).
XLM buyers will proceed to eagerly await the Sept.12 announcement, however till concrete proof emerges concerning what this fee community may unlock, the chance of attaining additional features of 12% or extra to surpass the $0.14 value final seen on Aug. 10 stays slim.
This text is for common info functions and isn’t meant to be and shouldn’t be taken as authorized or funding recommendation. The views, ideas, and opinions expressed listed below are the writer’s alone and don’t essentially replicate or symbolize the views and opinions of Cointelegraph.
