XLM Plunges After Failing to Hold Recent Gains Amid Stellar Network Developments

XLM has dropped by 10.8 percent in the past 24 hours after a recent surge, but what's behind this downturn? In the same period, SushiSwap announced the launch of cross-chain swaps for XLM and USDC on Stellar, allowing these tokens to be exchanged directly across over 40 different blockchains.

Circle also revealed that its Cross Chain Transfer Protocol (CCTP) is now live on the Stellar network. CCTP enables native, seamless transfers of USDC tokens across multiple blockchain networks without the need for wrapped assets.

Archax has introduced GOVY, a tokenized and continuously available US Treasury bond product, which offers direct access to short-term US Treasury bonds with ongoing liquidity. However, this new development did not sustain bullish momentum, and XLM's price quickly gave up its recent gains after reaching as high as $0.2515.

XLM is currently trading at $0.217, down 10.82 percent in the past 24 hours. This sharp pullback wiped out most of the week's advance, though XLM still maintained a 14 percent gain over the past seven days.