- With increased need and growth for micropayments and remittances, Stellar (XLM) has widened its utility and markets.
- With a clearer crypto regulatory framework in the United States pertaining to Stablecoins and digital assets, XLM price has rallied over 78% YTD.
The Stellar (XLM) network has been one of the best-performing top digital assets following the SEC vs Ripple ruling last month. Aside from sharing a lot of similarities with Ripple-backed XRP, XLM through the Stellar organization has recorded increased adoption by retail and institutional investors in the past few months.
Moreover, the commitment of the Stellar organization to develop the underlying blockchain technology has convinced more enterprises, and governments to use the network to launch stablecoins and even futuristic CBDCs.
The XLM digital asset has deep liquidity and is highly traded in different markets.
Closer Look at Developments in Stellar Network
The Staller network has found a notable niche in international aid, having partnered with the United Nations High Commission for Refugees (UNHCR) in several missions. For instance, tHe UNHCR partnered with the Stellar Development Foundation and MoneyGram International to provide a broad and easily accessible range of withdrawal options for aid recipients in Ukraine, following the unprovoked invasion by the Kremlin.
“Beneficiaries were able to activate the digital wallets within minutes and access their cash through the cash out network. The only prerequisites for beneficiaries who met the cash assistance criteria were digital literacy and possession of a smartphone,” said Carmen Hett, corporate treasurer at the UNHCR.
The use of Stellar blockchain to facilitate fast, secure, and cheap payment was upheld by UNHCR for its effectiveness in reducing the historical friction in international aid. Furthermore, the affected people were able to access financial aid without using a lot of channels that cost more funds.
We just won 'Best Impact Project Award' at #PBW2023 for a pilot project using blockchain technology to disburse cash to people displaced by the war in Ukraine. Gradual scale-up is planned, considering context and focusing on the people we serve. More: https://t.co/JCTvWxo5Wm
— UNHCR, the UN Refugee Agency (@Refugees) March 23, 2023
Meanwhile, the Stellar network has made strategic partnerships with different organizations to help in the seamless adoption of blockchain technology and digital assets around the world. For instance, the Stellar network has teamed up with multiple high-profile banking institutions including the Central Bank of Brazil, Western Union, International Business Machines Corp, and Stripe.
Worth noting that the Stellar network has significantly invested in off-ramping services, far much higher than any other blockchain including Bitcoin. A report by on-chain intelligence platform Intotheblock shows that Stellar’s USDC outpaced Bitcoin in off-ramp locations by a significant margin.
XLM Price Analysis
Having accumulated significant fundamental aspects in recent years, experts believe XLM is well-positioned for more upward momentum in the near future. Trading around $0.137 on Monday, XLM’s price has gained about 78 percent YTD. However, the crypto asset has been trapped in a symmetric triangle correction in the past three weeks, which possibly indicates a bullish flag.
Essentially, the correction in XLM price has given buyers a chance to enter the market before the next major bullish leg. From a macro perspective, XLM price is well poised to rally beyond $1 during the next major crypto bull rally.
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