The recent 13% surge in Stellar (XLM) price is linked to several updates and strategic partnerships that significantly influence the perception and use of the cryptocurrency.
Stellar Protocol Update
One of the main factors for the price increase is the Protocol 23 update. Stellar has released a release candidate for Core v23.0.0, which includes improvements in transaction speeds, NFT and stablecoin support, and a new asset tracking system across the network.
Partnership with PayPal
PayPal has announced the launch of its stablecoin PYUSD on the Stellar network. This partnership is expected to enhance the quality of cross-border payments in over 170 countries, ensuring high speed and low fees.
Impact of Institutional Investments
Institutional investments are also playing a crucial role in Stellar's growth. Franklin Templeton and Circle have reportedly transferred nearly $500 million in real U.S. Treasuries onto the Stellar platform. This indicates confidence in the network's stability and scalability.
Overall, the price surge of Stellar (XLM) is underpinned by substantial updates, strategic partnerships, and rising institutional investments. This creates positive expectations for the future development of the cryptocurrency.
