Stellar Development Foundation Debuts 26 New Stablecoins For Daily Payments, What Does This Mean For The Price Of Stellar XLM?

stellar lumens

The Stellar development foundation is one of the most ambitious in the space. Their effort reflects fully on the progress of the Stellar network. Even the Stellar Lumens price has been increasing steadily since the beginning of the year. The only time it traded in red was when the entire altcoin market was suffering. The Stellar development foundation has also used Stellar airdrops like the Stellar Coinbase airdrop to propel usage and create more awareness for the Stellar blockchain and Lumens token. Recently, 26 new tokens were released on the Stellar network. There have been mixed reactions about the release of these stablecoins and this is what we would consider in our Stellar Lumens news today. 

Stellar Lumens News Today – Stellar Future Forecast – Stellar Network Releases New Stablecoins

The Stellar blockchain can be used to host stablecoins just like Ethereum and other dApp and smart contract-enabled blockchains. A digital money provider, Wirex, recently announced that it is going to launch 26 stablecoins on the Stellar blockchain in collaboration with the Stellar Development Foundation. According to the announcement, these stellar stablecoins will serve as tangible utility for users. They will be made available for trading on exchanges in the next few months and would most likely encourage mass adoption of cryptocurrencies and the Stellar blockchain.

According to the co-founder of Stellar, Jed McCaleb, these stablecoins will be used to make real-world payments through the Wirex Visa card. He said that he believes these stablecoins will revolutionize the global payment space. Those who are interested in using cryptocurrencies but afraid of price volatility can use these stablecoins to perform transactions.

The co-founder of Wirex Pavel Mateev said; “joining forces with Stellar makes perfect sense for us”. This is because the Stellar development foundation and Wirex share a common goal which is to promote the mass adoption of digital currencies and change the way payments work. These stablecoins will also be ideal for cross-border payment settlements just like Stellar Lumens. This is where the question comes in; will the new stablecoins on the Stellar network increase the competition for Stellar and affect the Stellar price prediction 2019?

Stellar Lumens News Today – Stellar Price Forecast – Is The Stellar Development Foundation For Or Against XLM?

In our previous article, we established that the Stellar airdrops by the Stellar development foundation may have a negative effect on the price of XLM long-term. Now, there is the possibility that hosting so many stablecoins on the Stellar blockchain will affect the price of Stellar (XLM). This is especially so because these stablecoins will be used to do exactly what Stellar Lumens was created to do. The only difference is that they will be pegged to the popular fiat currencies like the USD and Euro.

Stellar (XLM) Price Today – XLM / USD

Name Price24H (%)
Bitcoin (BTC)
$7,924.00
-0.17%
Stellar (XLM)
$0.133481
-0.87%

Keep in mind that there is really no way of knowing what the long-term effect of the stablecoins would be to the price of the XLM token. This is just a speculation.

Right now, the Stellar Lumens current price is $0.105366. This means that it is up by 2.04% against the USD and up by 1.96% against the price of BTC. The trading volume over a 24 hour period is $243,324,196 and the market capitalization is $2,044,637,919. 

What do you think about the Stellar Lumens news today? Will the move by the Stellar development foundation affect the Stellar Lumens future forecast?

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