Home XLM trading volumes grows 4-fold as IBM’s stable coin is launched on Stellar platform
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XLM trading volumes grows 4-fold as IBM’s stable coin is launched on Stellar platform

FX Street
Updated:
  • Stellar is the only coin in green out of top-10.
  • IBM-supported  Stronghold USD is based on Stellar technology.

Stellar (XLM) is the 7th largest coin with a total market value $5.4B and average daily trading volume about $241 million, which is four times higher that on July 17.  A series of positive news, including Stellar platform Sharia certification, explain the exponential growth of trading volumes  

XLM/USD gained over 6% on a daily basis and became the only green coin in top-10.  

The XLM spiked to $0.3267 on Wednesday before settling down at $0.2873 by the time of writing. Stellar coin is in strong bullish trend; however, the correction looks imminent as it is now strongly overbought.  

Also, it has become known that the IBM-supported stablecoin is launched on Stellar platform. The news served as another positive trigger that added to the coins strength.

The  asset-backed token known as  Stronghold USD is developed by  San Francisco-based fintech startup  Stronghold. Buyers of the coin are supposed to deposit USD with the company’s partner bank  Prime Trust, while IBM Blockchain will identify  Stronghold USD uses in blockchain business networks.

XLM/USD, 1-hour chart

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