XLM Records Impressive Volume; Co-founder says Team Is Making Stellar ‘Useful for Real People’

Much like the rest of the cryptocurrency market, Stellar has also been enjoying the gains this past month.

With nearly 113% gains in the last 30-days, XLM is currently trading at $0.175, which brings its year-to-date performance to over 289%.

In the last 60 days, Stellar’s trading volume has surged by a whopping 517% on the back of numerous fundamental developments, noted eToro.

Recently, Germany’s Bankhaus von der Heydt (BVDH) launched a Euro stablecoin on the Stellar network. The EURB stablecoin is a fully regulated one but won’t be openly traded on exchanges due to strict KYC requirements.

BVDH managing director Philipp Doppelhammer said EURB’s first use case will be for “cross-border money transfers” for blockchain payments company SatoshiPay’s customers.

This came after earlier this week, German private bank Hauck & Aufhäuser announced its first crypto fund, the HAIC Digital Asset Fund I that will include Bitcoin (BTC), Ethereum (ETH), and Stellar (XLM). This fund will be launching on Jan. 1, 2021.

The Dollar Savings Project

Stellar co-founder Jed McCaleb, who was also behind the Mt. Gox exchange, recently appeared on The Pomp Podcast where he talked about the idea behind the 13th largest cryptocurrency which is to

“make this interoperable layer where all these things can communicate with each other, not just in financial networks but different currencies.”

McCaleb further explained,

“It just allows you to use any currency at any financial institution and seamlessly and effortlessly send anybody else in the world.

That’s kind of the goal and the way we do that is by leveraging this innovation that Bitcoin came up with which is this distributed ledger that everyone can see but no one can change arbitrarily.”

Stellar launched about six years ago and currently one of the big things the team is working on is the dollar savings app “which is a consumer app that allows people in places with really high inflation like say Argentina to be able to save their money in dollars,” said McCaleb.

These are the efforts where the team is working on making Stellar useful for real people with another big B2B payments corridor between Nigeria and Europe that “we’re helping it foster,” he added.

McCaleb, who is also the former CTO of Ripple, recently sold 29.5 million XRP worth about $135 million in a single day.

Between 2014 and 2019, he sold 1.05 billion XRP, as per Whale Alert. In 2020, he sold another 375 million XRP at a total of $75 million up to August 3.

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Author: AnTy

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