TL;DR
- Stellar (XLM) records a 27% weekly gain and daily trading volume above $594 million, driven by protocol upgrades and rising activity.
- The network rolled out the preliminary version of its protocol 23, adding improvements for smart contracts and parallel transaction processing.
- PayPal confirmed that PYUSD will integrate with Stellar, expanding its reach to over 170 countries.
Stellar is experiencing one of its strongest stretches so far this year. In recent days, the network launched new protocol updates and its XLM token surged 27% over the week, boosted by technical upgrades and strategic announcements.
At the moment, XLM is trading at $0.2963, up 16.7% in the last 24 hours. Trading volume spiked by nearly 180%, surpassing $594 million.
Stellar Releases Protocol 23
The network published the preliminary version of its anticipated protocol 23. This update includes changes to several of its Core Advancement Proposals, introducing technical upgrades for smart contract management and overall network processes.
Key improvements include the addition of state archiving for Soroban, support for parallel execution of transactions, and a reusable interledger cache designed to lower costs in contract-to-contract interactions. The vote to activate this upgrade on mainnet is scheduled for August 14.
PYUSD Integration
At the same time, PayPal confirmed its PYUSD stablecoin will be integrated into Stellar, potentially expanding its use to over 170 countries with faster, lower-cost transfers. This development immediately shifted market expectations. Analysts like Scopuly anticipate a possible bullish breakout for XLM if it breaks through $0.285, which currently acts as a key resistance level. According to the analyst, certain funds have already started accumulating positions.
Beyond its market price, Stellar’s network activity shows strong momentum. In June alone, it processed more than 197 million operations, while its circulating stablecoin supply reached $667 million. These figures position Stellar as a cross-border payment platform capable of competing in a market increasingly demanding faster, cheaper solutions.
The next key test will be XLM’s performance against that resistance level and how smoothly the protocol 23 upgrade rolls out. If the update activates as planned and the PYUSD integration proceeds on schedule, Stellar could continue gaining ground in the crypto market.
