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Stellar (XLM) Soars after USDC Stablecoin Announces Blockchain Implementation

Stellar Lumens (XLM) has seen large green candles in the past 24 hours as Coinbase & Circle’s USDC announced the integration of Stellar’s blockchain starting early next year.

XLM surged from $0.070 level to a local top at $0.083 before correcting back down slightly and it is now being traded at $0.080 level. The 24-hour gain of roughly 10% happened right after the announcement from Circle, the company behind USDC stablecoin. This implementation will make USDC the first stablecoin to go live on Stellar’s blockchain.

Currently, USDC is the second-largest stablecoin with a market capitalization of $2.7 billion and is officially supported by Ethereum and Algorand’s blockchain. Stellar’s market cap pales in comparison at only $1.6 billion.

Nevertheless, the announcement has triggered the interest of both investors and speculators as the XLM’s trading volume surged more than two folds. Stellar is now enjoying much higher liquidity with 24 hours trading volume at $274 million.

You may also want to read: Tether’s Market Cap to Surpass That of Ethereum’s in 2021?

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