Stellar (XLM) Gets Big Push as Visa Adds It to Stablecoin Network

Visa, one of the world’s biggest payment companies, has officially added the Stellar (XLM) network to its blockchain settlement system. This step gives Stellar more attention and importance in the digital finance space. This places Stellar in the same group as the top players in blockchain technology like Ethereum (ETH), Solana (SOL), and Avalanche, already integrated into Visa’s platform . This development marks a big achievement for the Stellar project and its long-term goals. Visa Now Supports Stellar for Stablecoin Transactions On July 30, Visa announced that it has upgraded its system to support stablecoin payments on four major blockchains. These blockchains are Ethereum, Solana, Avalanche, and now Stellar. This means that companies using Visa’s platform can now send and settle payments using stablecoins directly on the Stellar network. Visa’s platform now also supports four stablecoins backed by the U.S. dollar and the euro. These stablecoins are PayPal USD (PYUSD), Global Dollar (USDG), and Circle’s euro-backed EURC, among others. By adding support for Stellar, Visa now lets its users settle payments directly on the Stellar blockchain using stablecoins. This can help make cross-border money transfers quicker and more affordable. These are two major goals Stellar has been working on since it was launched in 2014. This initiative is also set to give Visa clients another reliable option to move funds without going through traditional banks. A Win for Stellar, A Threat to XRP Many in the crypto and payments space view Stellar (XLM) as a key rival to XRP for global payments. Both digital assets aim to make international money transfers fast and cheap. However, XRP has faced legal issues in the U.S., making it harder to work with big financial companies. Stellar, on the other hand, has now been fully integrated into one of the world’s biggest payment systems, a feat XRP has not yet achieved in the U.S. Visa’s decision may give Stellar a competitive edge. This is especially as stablecoins become more widely used in card payments , mobile wallets, and online shopping tools. Stellar’s partnership with Visa puts it in a strong position to grow fast in the industry. Stellar’s Price Dipped Following The News After the integration news was announced, the price of Stellar’s token, XLM, was about $0.42. It even dropped slightly to $0.4190 during the hour after the announcement. At the time of writing, the token was up by 0.64%, but is now trading at $0.4116, according to CoinMarketCap data. Many find the initial drop unlikely, considering how important this news is. However, this shows that the market does not always respond immediately to big news. The weak reaction may indicate that traders are prioritizing short-term profits over the long-term value of the partnership. The post Stellar (XLM) Gets Big Push as Visa Adds It to Stablecoin Network appeared first on TheCoinrise.com .

Source: The Coin Rise