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Stellar (XLM) regained momentum, extending a rally that began in the past week when Wall Street clearing giant DTCC announced plans to enable tokenization of its DTC-custodied assets on the Stellar network. The recent momentum has caused XLM to climb above Cardano in market rankings.
DTCC sits at the center of U.S. market infrastructure and oversees more than $114 trillion in assets, with XLM price taking off shortly after the news emerged.
After a brief drop during the weekend, Stellar resumed its rally. XLM surged for three days straight from last Wednesday, surging sharply to a high of $0.297 on Saturday before retreating. XLM was trading up 8% in the last 24 hours to $0.26 at the time of writing and will mark its second day of gains since May 30 if today closes in the green.
With a current market capitalization of $8.87 billion, Stellar is now the 13th largest cryptocurrency, outpacing Cardano, which ranks as the 14th largest cryptocurrency with a market valuation of $8.37 billion.
Stellar up 76% as rally gains momentum
Recent research by crypto research platform 10x Research names Stellar as one of crypto's hottest weekly movers.
In a tweet, 10x Research stated that Stellar (XLM) was one of its top charts in the past week, up 76% over the last 7 days.
10x Research outlined four positive catalysts contributing to the surge. First, Stellar rose above its 7-day moving average, which is a bullish signal; it is also above the 30-day moving average, which is also bullish.
In the past week, DTCC, custodian of over $114 trillion in assets, announced a partnership with the Stellar Development Foundation to tokenize Russell 1000 equities, ETFs, and US Treasuries on Stellar's public blockchain, targeting live assets by early 2027.
In addition, Cash App (Block) rolled out USDC payments on Stellar for its 60 million users, thereby directly expanding the network's real-world payment utility. Bermuda confirmed it will migrate its national payment services to Stellar, becoming the first government to move toward a fully on-chain economy and reducing merchant fees, which are presently as high as 10%.
Dan Burgin
