• About Us
  • Privacy Policy
  • Contact Us
Subscribe
Lascena
Advertisement
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
Lascena
No Result
View All Result

Big gains for Stellar (XLM) as multiple banking settlement rumors proliferate

January 7, 2021
in Cryptocurrency
Reading Time: 3min read
Big gains for Stellar (XLM) as multiple banking settlement rumors proliferate


The price of Stellar XLM soared to as high as $0.39 on January 6. Having made a 31 month high, Stellar moved keenly back into the top ten, usurping Chainlink to take 9th place via market cap.

Throughout this week, there has been no shortage of positive news concerning Stellar. For example, the Ukrainian central bank announced it had chosen the  Stellar network to run its forthcoming central bank digital currency (CBDC).

On that, Denelle Dixon, the CEO and Executive Director of the Stellar Development Foundation, said:

“We look forward to working with the Ministry and other stakeholders to digitize the hryvnia, to bring Stellar-based tools and services to the people and businesses of Ukraine, and to introduce new partnership opportunities in Ukraine to businesses in the Stellar ecosystem.”

Are Even Bigger Things Ahead For Stellar?

As significant as that is, perhaps an even bigger coup for Stellar lies in its potential involvement with the U.S. banking settlement infrastructure.

At the start of the week, Circle CEO Jeremy Allaire tweeted that the U.S. Treasury had given the green light for U.S. banks to use public blockchains as a settlement layer.

“The new interpretive letter establishes that banks can treat public chains as infrastructure similar to SWIFT, ACH and FedWire, and stablecoins like USDC as electronic stored value. The significance of this can’t be understated.“

1/ Breaking major news from US Treasury OCC, the largest US banking regulator (@USOCC), with new guidance allowing US banks to use public blockchains and dollar stablecoins as a settlement infrastructure in the US financial system. https://t.co/gQFWISWUnc

— Jeremy Allaire (@jerallaire) January 4, 2021

He said this is a huge win for cryptocurrency, particularly for the USDC stablecoin. But more significantly, he stated that this paves the way for mainstream adoption.

USDC started life as an Ethereum-based token founded in collaboration with Circle and Coinbase. However, October last year saw it migrate to the Algorand blockchain, as well as to Stellar.

The limitations of the Ethereum blockchain spurred this change. A useable and efficient payment system must have quick transaction speeds and low fees.

In truth, the U.S Treasury’s mention of “public blockchains” could refer to several approved blockchains. Similarly, “dollar stablecoins,” except for Tether, could also mean any number of dollar stablecoin offerings.

Whether this plays out or not remains to be seen. After all, who’s to say that U.S. banks won’t utilize multiple different but interoperable blockchains to transact.

German legacy bank turns to Stellar to issue Euro stablecoin

In December, it was reported that one of Germany’s oldest banks said it was choosing the Stellar network to issue a Euro-backed stablecoin, in one of the first such instances.

As per an official announcement, Bankhaus von der Heydt (BDNH) said it would launch the EURB stablecoin on the Stellar network. The development is a result of a partnership between itself and Bitbond, a German startup that tokenizes real-world assets and provides crypto custody services.

Stellar, currently ranked #9 by market cap, is up 11.99% over the past 24 hours. XLM has a market cap of $7.48B with a 24 hour volume of $7.64B.

Stellar Price Chart

XLMUSD Chart by TradingView

Like what you see? Subscribe for daily updates.





Source link

Facebook0
Twitter0
Linkedin0
Print0
E-mail0
Yahoo Mail0
GMail0
SMS0
Messenger0
Tags: BankingBigGainsmultipleproliferaterumorsSettlementStellarXLM
Next Post
XRP Climbs Back up Crypto Rankings With Near 50% Rise

XRP Climbs Back up Crypto Rankings With Near 50% Rise

Ignoring Outages, Coinbase Futures Set Record Highs as Bitcoin Rally Continues

Ignoring Outages, Coinbase Futures Set Record Highs as Bitcoin Rally Continues

Don't Miss

Grayscale adds $120 million worth of Bitcoin to its coffers amid continued institutional interest
Bitcoin

Why is Grayscale’s Bitcoin Trust (GBTC) trading at a discount?

by Lascena Cryptocurrency News Education
March 6, 2021
0

The Grayscale product is one of the only Bitcoin-focused financial instruments for institutional and accredited investors. It’s now trading...

Read more
WALL STREET CAN’T STOP BUYING BITCOIN – INSANE DEMAND IN 2020 – You Won’t Believe This

WALL STREET CAN’T STOP BUYING BITCOIN – INSANE DEMAND IN 2020 – You Won’t Believe This

March 6, 2021
RIPPLE XRP NEWS!!! “If You Hold Dollars You’re In SERIOUS Trouble” | Robert Kiyosaki

RIPPLE XRP NEWS!!! “If You Hold Dollars You’re In SERIOUS Trouble” | Robert Kiyosaki

March 6, 2021
Confirmed! PayPal Just Said YES to Cryptocurrency in 2020! | Bitcoin and Cryptocurrency News

Confirmed! PayPal Just Said YES to Cryptocurrency in 2020! | Bitcoin and Cryptocurrency News

March 6, 2021
How To CPU Mine Monero RandomX on Intel and AMD CPUs | Profitability | BEST CPUs | Best Miners

How To CPU Mine Monero RandomX on Intel and AMD CPUs | Profitability | BEST CPUs | Best Miners

March 6, 2021

Lascena Cryptocurrency News Education

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

© 2020 lascena.ca

  • About Us
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021
  • Videos

© 2020 lascena.ca

  • bitcoinBitcoin(BTC)$49,257.000.49%
  • ethereumEthereum(ETH)$1,669.968.52%
  • cardanoCardano(ADA)$1.14-3.13%
  • tetherTether(USDT)$1.00-0.12%
  • Binance CoinBinance Coin(BNB)$226.29-1.12%
  • PolkadotPolkadot(DOT)$33.52-1.73%
  • rippleXRP(XRP)$0.463666-0.03%
  • UniswapUniswap(UNI)$28.751.74%
  • litecoinLitecoin(LTC)$183.020.66%
  • chainlinkChainlink(LINK)$28.301.23%