XLM plunges 10.8 percent in 24 hours! What do the latest Stellar developments mean?

Significant technical and product updates have taken place on the Stellar network in the past 24 hours, turning heads across the crypto industry. SushiSwap has announced the launch of cross-chain swaps for XLM and USDC on Stellar, enabling these Stellar-based tokens to be exchanged directly across more than 40 different blockchains. During the same period, Circle also revealed that its Cross Chain Transfer Protocol (CCTP) is now live on the Stellar network.

Integrations and technical updates in focus

According to details shared by Circle, the company’s CCTP is now officially supported on Stellar. CCTP is Circle’s infrastructure designed to enable the seamless, native transfer of USDC tokens across multiple blockchain networks, removing the need for wrapped assets.

Mini glossary: CCTP stands for Circle Cross Chain Transfer Protocol. This system allows USDC to move natively across different blockchains without needing to use wrapped assets.

Meanwhile, Stellar’s JavaScript SDK v16.0.0 has also been released, coinciding with the Protocol 27 update that recently went live on the testnet. These upgrades are expected to provide developers with improved tools and further support the ecosystem’s application development process.

Archax launches tokenized treasury bond product

Digital asset platform Archax has introduced GOVY, a tokenized and continuously available US Treasury bond product. The company stated that GOVY has been designed in compliance with Level 1 High Quality Liquid Asset (HQLA) principles. This means the product offers direct, legally enforceable access to a pool of short-term US Treasury bonds, with continuous updates ensuring ongoing liquidity.

Initially, GOVY is accessible on the Ethereum, Hedera, and Stellar blockchains, but it is available only to investors outside the United States at launch. Archax stands out as a regulated platform renowned for its institutional-grade digital asset services.

The price surge did not last

On the price front, the latest wave of positive news failed to sustain bullish momentum. XLM had closed higher for five consecutive days between June 14 and June 18, reaching as high as $0.2515. However, profit taking set in after that peak, and the token quickly gave up its recent gains, dropping back into negative territory.

XLM dipped as low as $0.214 intraday. At the time of writing, XLM was trading at $0.217, down 10.82 percent in the past 24 hours. This sharp pullback wiped out most of the week’s advance, though XLM still maintained a 14 percent gain over the past seven days.

A shift in market cap rankings

Stellar’s steep decline drove its market capitalization down to $7.39 billion. This development paved the way for Zcash to reclaim a higher ranking. According to CoinMarketCap data, Zcash held the twelfth spot with a market cap of $7.46 billion at the time of reporting, pushing Stellar down to thirteenth.

Although Zcash was not immune to the wider market sell-off, its losses were more limited. It fell by 4.44 percent in the last 24 hours to trade at $446, widening the gap between the two tokens as Stellar suffered a deeper daily loss.

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