XLM Surges 30% in a Month, Edges Closer to Top 10 Cryptocurrency Rankings

Stellar's XLM token has surged over 30% in the past month, propelling it closer to the top 10 cryptocurrency rankings. After spending most of the year ranked between 17th and 21st by market cap, XLM is now one of the market's best-performing large-cap assets.

The token's rise can be attributed to several major developments in the ecosystem. Last month, Mesh integrated Stellar as a settlement layer for its global payment ecosystem. Additionally, the development team behind the network activated Protocol 26, also known as the Yardstick upgrade, on the mainnet, improving network security and expanding Stellar's appeal to institutional participants.

The upgrade was followed by several other significant announcements, including Circle's launch of its Cross-Chain Transfer Protocol (CCTP) on the Stellar mainnet, further enhancing interoperability across blockchain networks. DTCC also partnered with SDF to tokenize DTC-custodied assets on Stellar by next year, marking one of the ecosystem's most significant institutional initiatives.

XLM currently ranks as the 13th-largest cryptocurrency with a market capitalization of $6.61 billion, trailing three cryptocurrencies ahead of it in the rankings: Zcash ($7.31 billion), Unus Sed Leo ($8.76 billion), and Dogecoin ($12.76 billion).