The XLM crypto price moved closer to
Another potential source of liquidity for Stellar’s payment-centric network follows Tether’s USDT0 token launching on it earlier this week. Over the past few rallies the XLM price has struggled to break through its previous price records.
USDT0 expands Stellar’s stablecoin offering
On
People and businesses are able to use Tether’s USDT liquidity through Stellar, using USDT0, and potential use cases include international payments, transferring funds between financial applications and company settlements.
This means that instead of creating separate pools of tokens for every network supported by the asset, there is one common supply supported by USDT.
The move is set to increase the choice of digital dollars on Stellar’s payments platform, joining other USD-backed and euro-backed stablecoins already available on the system like UDSC and PYUSD.
Users do not have to hold XLM to send out payments; the network’s token is mostly used to cover transaction charges and maintain accounts. However, stablecoin usage would increase activity and make XLM popular amongst its peers.
XLM price approaches a familiar barrier
XLM was swapping hands at
The price is now nearing
However, touching that level briefly may not be enough, since buyers will need to keep XLM above the level of
In that scenario
If rejected from these levels, it means XLM could fall back down to around the
Buying interest has started to pick up, although it is still nowhere near the levels of the sharp rallies it printed earlier in the year. Although XLM is moving in the right direction, the recovery is holding back for its biggest push.
Final Summary
- XLM reached $0.1964 as buyers pushed the price towards the repeatedly tested $0.20 level.
- USDT0 has expanded Stellar’s stablecoin offering, although its effect on demand for XLM remains uncertain.
