Stellar’s XLM saw a short, sharp institutional-led move during a 23-hour window between September 8–9, climbing roughly 4% from $0.37 to $0.38 as trading activity intensified. Market data show volume spiking to 90.25 million XLM at the September 9 breakout, while overall turnover rose about 85% to approximately $333.21 million, a level that suggests growing participation from corporate trading desks and treasury teams.
The token entered a low-volatility consolidation band between $0.38 and $0.39, a pattern corporate treasurers often prefer when evaluating position sizes. Technical indicators cited by analysts—including an emerging golden cross—have reinforced the view that larger accounts may be accumulating in this range. Resistance around $0.39 remains a clear pivot: further institutional buying would be needed to extend the move.
On the industry side, Paxos — after its 2024 acquisition of Molecular Labs — has filed to issue a USDH stablecoin on Stellar’s network, targeting corporate clients served by Hyperliquid. Paxos’s experience in regulated stablecoin issuance could give corporate treasuries a regulated on-ramp for cross-border payments and cash management if USDH is approved and adopted.
Regulatory developments are shaping how companies plan blockchain deployments. The newly enacted GENIUS Act has been welcomed by some corporate legal teams seeking clarity, but banking groups worry it could allow exchanges to package stablecoins as investment products. That mixed regulatory backdrop means adoption could accelerate if clarity and favorable rules arrive — or slow if compliance costs and legal risk increase.
Key takeaways:
- Volume: ~85% surge to $333.21M, with 90.25M XLM traded at breakout.
- Price action: Rally from $0.37 to $0.38, with resistance near $0.39.
- Institutional signal: Consolidation plus a golden cross suggest accumulation by corporate treasuries.
- Industry development: Paxos’s USDH proposal could strengthen Stellar as a regulated payment rail for enterprises.
Risk note: Moves driven by institutional flows can reverse quickly. Pending regulatory outcomes around stablecoin frameworks will materially affect corporate adoption timelines and compliance responsibilities.
Source: CoinDesk. Read the original coverage for full details.