Stablecoins might reach trillions in scale, boosting overall cryptocurrency growth.
Summarize the content using AI
ChatGPT
Grok
Fluctuations in cryptocurrency charts are endless, yet altcoin adoption continues steadily. Institutional collaborations, with the emergence of new partnerships and experiments, reveal important signals for the future of cryptocurrencies. Recently, Bitcoin $87,578 has maintained its price above $87,500, while one of the largest banks in the U.S. has initiated significant trials with Stellar.
ContentsStellar's Role in Financial InnovationsOutlook for XLM Coin Stellar's Role in Financial Innovations
U.S. Bank, the fifth-largest commercial bank in the U.S., has executed private stablecoin issuance on the Stellar network. Encouraged by GENIUS, such initiatives have been emerging for months. It is expected that more banks will venture into stablecoins for increased profits in the near future. The regulatory issues, once a barrier, have now been largely resolved with stablecoins secured under legislation.
According to the blog post, this test shows how a bank, partnered with Stellar, aims to securely issue programmable dollars on public networks. This sharing of knowledge and experience will prepare the bank for future tokenization and varied applications.
Mike Villano, U.S. Bank's digital asset head, elaborated on the details of the test. The programmable stablecoin addressed exactly what traditional banks required, such as freezing or reversing transactions. Stellar has impressed the bank by providing a framework that aligns with regulatory needs like Know-Your-Customer (KYC) and transaction reversibility.
Outlook for XLM Coin
Over the next decade, stablecoins are projected to expand to trillions of dollars in size, with a target of $1 trillion for annual cross-border payment volumes. If this growth in stablecoins remains robust, especially on public networks, it will significantly benefit the broader cryptocurrency ecosystem.
XLM Coin is seeing increased interest, recovering to $0.248 after dipping to $0.217. In early October, it hit a low of $0.1627, indicating its relative strength despite recent drops. While the U.S. Bank move hasn't drastically changed its chart, these developments are likely to have a positive long-term impact on XLM Coin.
If the BTC price remains strong, the $0.269 base could be re-established for further rises, with the next target at the $0.335 resistance level.
You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.