Stellar XLM Token Surges 4% Amid Corporate Interest and Stablecoin Filing

Stellar's XLM token jumped 4% in value over a 23-hour period, climbing from $0.37 to $0.38 on September 8 and 9.

The significant price movement was accompanied by heavy institutional trading, with the trading volume more than doubling to $333 million.

This surge in interest is attributed to corporate treasurers evaluating blockchain-based assets for their portfolios, with Wall Street proprietary trading desks flagging the move as significant institutional activity.

Paxos's filing to launch a USDH stablecoin on Stellar's network has also contributed to the increased attention on XLM, leveraging Paxos's $160 billion track record in stablecoin issuance.