Stellar Surges Past Zcash Before Market Reversal

The cryptocurrency market saw some significant movements as Stellar (XLM) surged by up to 30% in the past week, briefly surpassing Zcash (ZEC) in market rankings. This impressive gain was attributed to various positive developments, including the launch of cross-chain swaps on SushiSwap for XLM and USDC on Stellar. Circle revealed that CCTP is supported on Stellar, providing more details about this key integration. Additionally, the Stellar JS SDK v16.0.0 went live alongside a recent Protocol 27 testnet upgrade.

However, Archax introduced GOVY, a tokenized perpetual US Treasury Bill product designed to align with high-quality liquid assets (HQLA Level 1) principles, which was launched on Ethereum, Hedera, and Stellar. This new product is initially available to non-US investors, but its introduction did not stop Stellar's price from retracing back into the red.

The market capitalization of Stellar fell to $7.39 billion, allowing Zcash to regain its lead. At press time, Zcash ranked as the 12th largest cryptocurrency with a current market cap of $7.46 billion, while Stellar stayed in the 13th spot. Despite this setback, the XLM token remains up 14% in the past week.