Stellar (XLM) Price – After Facebook’s Libra Are You Selling or Holding?
Stellar Lumens (XLM) had some good news yesterday – PaysXDR’s
stablecoin launch – but that hasn’t helped its price much, if at all.
Stellar has been trapped in a downward channel since
Facebook announced its Libra cryptocurrency.
Although XLM is not a stablecoin like Libra it is
nevertheless attacking the same market.
Stellar started life as the brainchild of Ripple founder Jed
He parted ways with Ripple back in 2013 in an acrimonious
split. However, what concerns us here is the prospects for XLM adoption
As with Ripple, Stellar is seeking to disrupt remittance
payments, and other cross-border transactions.
Stellar (XLM) Western Union and IBM tie-ups
Stellar has partnerships with payments transfer market-leader
Western Union and tech royalty IBM.
IBM’s World Wire for global payments launched this year and
is built on top of the Stellar blockchain.
It currently supports two currencies, Stellar Lumens and Stellar-based
token Stronghold USD (USDS), a stablecoin collateralised with US dollars, as
the name implies.
Six global banks have signed letters of intent to test the
network for bank-to-bank payments. Again, similarly to Ripple, it aims to make
the Swift network obsolete.
Although Stellar’s use cases are not limited to remittances
or bank payments, the launch of Libra has had an immediate impact on trading
conditions for XLM, with the token falling nearly 8% over the past two days.
Things have improved a little on that good news we mentioned at the top, trumpeted by the Stellar in the tweet below:
Exposure to the IMF's Special Drawing Right (SDR) is no longer only available to central banks. Congrats to Paysend on the launch of their stablecoin using the #Stellar platform!https://t.co/Xvd5JENBxC