Stellar Performance From XLM as It Posts Top 24H Percentage Gain Among Top 20 Cryptos
PayPal’s stablecoin, PayPal USD (PYUSD), is expanding its blockchain network reach. Pending New York State Department of Financial Services approval, PYUSD will launch on the Stellar blockchain, adding to its existing presence on Ethereum and Solana. This strategic move leverages Stellar’s infrastructure for low-cost, high-speed payments, enhancing PYUSD’s accessibility for payments, cross-border transfers, and financial services globally.
Stellar’s existing global network, encompassing on- and off-ramps, local payment systems, and digital wallets, is key to this expansion. The partnership aims to bring PYUSD to users in over 170 countries, improving daily payment options and access to financing tools like working capital and small business loans. PayFi, a digital financing mechanism, is also expected to benefit, facilitating real-time capital disbursement in PYUSD on Stellar, boosting liquidity and settlement efficiency.
PayPal’s vice president for digital currencies, May Zabaneh, highlighted the partnership’s potential to advance blockchain’s use in cross-border payments. Denelle Dixon, CEO of the Stellar Development Foundation, emphasized the collaboration’s potential to bring practical stablecoin usage to emerging markets and small businesses worldwide. Ian Burrill, PayPal’s Senior Director of crypto engineering, further underscored Stellar’s speed and low cost, emphasizing its role in extending PYUSD’s reach to over 180 countries and enabling real-time money transfers for efficient capital management for merchants.
PYUSD, issued by Paxos Trust Company, maintains a fixed redemption value of $1.00 per token, fully backed by cash and cash equivalents. The Stellar integration promises to significantly broaden PYUSD’s utility and accessibility.
Recent technical analysis of Stellar’s XLM token shows significant price appreciation between July 11th and 12th. The price fluctuated within a $0.071 range (approximately 20.59% volatility), peaking at $0.416 and bottoming at $0.345. Significant trading volume exceeding the 24-hour average was observed, indicating strong market activity. Technical support levels were established around $0.354 and $0.385-$0.387, with resistance encountered in the $0.400-$0.403 range. The overall trend showed sustained upward momentum, suggesting positive market sentiment towards XLM.
