Crypto
XLM Token Surges on Institutional Buying and Corporate Interest
The price of Stellar's XLM token rose by 4% to $0.38 over a 23-hour period, driven by increased institutional trading and interest from corporate treasurers.
The surge in price corresponded with a significant increase in trading volume, which doubled to 90.25 million tokens, indicating substantial investor activity in the market.
Paxos's filing to launch the USDH stablecoin on Stellar's network is seen as a key factor contributing to this growth, leveraging Paxos's $160 billion track record in stablecoin issuance.