The price of the star cryptocurrency (XLM) has recorded a 50% rise at the end of US Cryptocurrency Week.
At the time of publication of this memo, the token price for the stellar network is $0.47, as observed in the following graph provided by CoinMarketCap.
As reported by Cryptoothic, during the week of July 14th to 18th, the US Congress discussed as many possible sets of laws as possible. Change domestic financial regulations and technological innovations.
Within that framework, the National Innovation Orientation and Establishment Act of Stubcoin, well known as the Genius Law, was approved. The Standard seeks to integrate stubcoin into the traditional financial system through clear rules regarding issuance and its operations.
As the network specializes in virtually global asset tokenization (RWA), cross-full payments, and stubcoins, approval of this law is beneficial for those with great interests.
To be precise, the news was celebrated by the Stellar Foundation team. The Social Network states: “They just approved the Genius Act. The US cryptocurrency has achieved the clearest victory ever.
This is important. If the genius law promotes the publication of new Stablecoins in Stellar, it will attract more users and use more networks. As a result, the demand for XLM for committee payments will increase, which will increase the price of upward tokens.
at the moment, Stellar has a total market capitalization of over $168.8 million stubcoinsrepresents an increase over a year. It reflects the growth in adoption of infrastructure for stable currency emissions, although far from other networks.
Finally, the team behind the project announced their new appointments at the executive table. Among them, José Fernández Da Ponte, the exexecute cute of Paypal, one of the world’s leading online payment systems. As reported, he will become president and growth director of the Stellar Foundation.
That inclusion comes almost a month after PayPal announced plans to integrate Stablcoin PayPal USD (PYUSD) into the Stellar network. There is no approval from the New York State (NYDFS) Department of Financial Services to complete this.
If the initiative has a green light, PYUSD works on a third networkin addition to Ethereum and Solana, it is already available.
