- The Stellar community will significantly benefit from the MBRL stablecoin by Mercado Bitcoin through increased on-chain activity.
- Some notable institutional investors utilizing the Stellar Lumens ecosystem include Circle, MoneyGram, and BlackRock, among others.
The Stellar Lumens network continues to expand its global market amidst sustained bear markets. Brazil’s top cryptocurrency exchange Mercado Bitcoin (MB), has announced the launch of its first stablecoin dubbed the MBRL, which is reportedly backed by reais. According to the announcement, the MBRL stablecoin was developed on top of the Stellar (XLM) blockchain.
The cryptocurrency exchange has, however, indicated that the MBRL stablecoin will be made available on other blockchains in the future. Furthermore, the success of a stablecoin is directly related to the number of chains it runs through. Reinaldo Rabelo, CEO of MB said;
Our goal is to accelerate the enormous potential for the adoption of blockchain applications in Brazil, developing solutions that empower our customers’ daily transactions,
The news was low-impacting on XLM price that exchanged around $0.087806 on Friday, down approximately 73 percent in the past twelve months. Nonetheless, the XLM market has gained approximately 18,376 percent in the past seven years, according to our latest crypto price oracles.
As such, an XLM holder since inception who invested $10,000 back then and has offloaded a single unit sees a bag of over $1,830,000.
The Stellar community will significantly benefit from the MBRL stablecoin by Mercado Bitcoin through increased on-chain activity. Furthermore, the MBRL stablecoins will pay fees on the Stellar Lumens blockchain via XLM.
Stellar XLM and the market outlook
The Stellar ecosystem is still in its early stages of development compared to Ethereum, BSC, or Bitcoin. Nonetheless, the Stellar network has received tremendous adoption from crucial institutional investors. Furthermore, XLM tokens have a market capitalization of approximately $2,262,760,176 despite the year-long bear market, which has wiped out over $2.2 trillion from the entire crypto market.
Some notable institutional investors utilizing the Stellar Lumens ecosystem include Circle, MoneyGram, and BlackRock, among others. Interestingly, the Stellar ledger houses approximately 149,209 unique assets, including NFTs and DeFi tokens.
As with Bitcoin price, the Stellar Lumens are stuck between positive fundamentals and negative technical standpoints. The 200MA indicates more sell pressure on the weekly chart. However, the RSI indicator shows XLM is trading at oversold levels. As such, swing traders are watching for a possible breakout before December ends, fueled by historical Christmas crypto rallies.
The Stellar Lumens ecosystem continues to build bridges to connect with other blockchains and ensure the scalability of its Dapps. Furthermore, the Stellar network supports a range of wallets, including hot and cold crypto storage. Additionally, the XLM coin is listed in several cryptocurrency exchanges, including Coinbase Global, Kraken, Binance, Bittrex, Bitfinex, and Upbit, among others.