Stellar (XLM) Price Up Nearly 30 Percent Over 7 Days, Propelled by a Slew of Positive News Stories
A flurry of positive news stories has propelled Stellar (XLM), currently the seventh-ranked cryptocurrency by market capitalization, to a nearly 30 percent price increase over the last 7 days. Touted as the top competition for third-ranked cryptocurrency, Ripple, Stellar appears to be taking giant strides in controlling a significant portion of the emerging crypto-based economy.
Stellar Partners with Tempo
The battle for dominance between Ripple and Stellar took another dimension as the latter company inked a deal with payment provider, Tempo, to support its new global payment platform. Both Stellar and Ripple want to become the de facto blockchain-based payment protocol of mainstream global finance.
According to the details of the partnership, Tempo plans to make use of Stellar’s decentralized exchange platform. Tempo wants to completely revolutionize the global payment industry by simplifying the crypto to fiat trading market via the use of XLM tokens–the native currency of the Stellar project.
One of Ripple’s most important aims is having banks and financial institutions make use of its cryptocurrency (XRP). Presently, banks use the Ripple ledger without actually transacting in XRP. Thus, XRP’s utility isn’t being enhanced by the volume of transactions on the Ripple ledger.
Thus, Stellar may be on the cusp of hitting gold based on its partnership with Tempo. Remittance activities on the Tempo ecosystem could catapult XLM’s utility to greater heights than that of XRP.
Coinbase Announces Five Potential New Listings, Stellar Among Them
Stellar’s second piece of good news came when Coinbase, the largest cryptocurrency exchange platform in the United States, recently announced that it was considering listing five new tokens, including Stellar (XLM).
Getting listed by Coinbase is a significant achievement given that the platform is reticent about adding coins that have an uncertain regulatory status. If Coinbase does eventually add XLM to its catalog, it will be another significant scoop for Stellar over Ripple. This is because Coinbase has so far elected not to consider listing XRP tokens, much to the frustration of Ripple supporters.
Stellar is Sharia Compliant
Ripple recently announced that it was making significant inroads in India, a country of over two billion people. Seemingly in response, Stellar has now obtained a “Sharia compliance certificate”, which opens up the Stellar project to a new vista of possibilities in the shape of the 1.6 billion strong global Muslim population.
Nations like Kuwait, Qatar, Saudi Arabia, etc. can begin to consider adopting the Stellar blockchain in their financial sectors. Stellar is the first blockchain-based project to receive a Sharia compliance of any kind.
IBM-Backed ‘Stronghold USD’ Stablecoin Launches on Stellar
Last but not least, news broke today that a new digital asset called ‘Stronghold USD’ has launched on the Stellar platform. The project is a stablecoin pegged to the U.S. dollar and is being developed by financial services provider Stronghold, with backing from tech giant IBM.
“IBM will explore use cases with business networks that we have developed, as a user of the token,” said Jesse Lund, IBM’s vice president of global blockchain, in an interview with Reuters. “We see this as a way of bringing financial settlement into the transactional business network that we have been building.”
As mentioned above, these pieces of news have driven Stellar to a truly remarkable week. If Stellar can maintain this momentum, it may be in a strong position to dethrone Ripple as the number one cryptocurrency in their niche.
Note: This story has been updated to include the information about Stronghold USD.
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