Stellar (XLM) Gains Momentum with Major Adoption and Partnerships

• 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.

Analyst Predicts Significant Upswing for Stellar (XLM) 

Furthermore, popular analyst Javon Marks expects Stellar to continue its bullish rally, with a target price of $0.681. According to Marks, XLM’s price will be able to maintain its breakout level and establish a significant higher low.

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.