XLM, Storms Ahead with Tokenization Boost...Overtakes Cardano in Market Cap Ranking

▲ Stellar (XLM)/AI generated image

Stellar (XLM) is shaking up the cryptocurrency market capitalization rankings, surpassing Cardano (ADA) on the back of a tokenization boost from Wall Street infrastructure firm DTCC.

According to cryptocurrency media outlet U.Today on June 1 (local time), XLM continued its strong upward trend after DTCC announced last week its plans to support the tokenization of DTC-eligible assets on the Stellar network. DTCC is a company at the heart of U.S. market infrastructure, managing over $114 trillion in assets. XLM's price reacted quickly after the news broke.

XLM briefly dipped over the weekend before recovering its upward momentum. It surged for three consecutive days starting last Wednesday, reaching a high of $0.297 on Saturday before experiencing some retracement. As of the time of writing, XLM was trading at $0.26, up 8% in the last 24 hours, and if it closes higher today, it will mark two consecutive days of gains since May 30.

The market cap rankings also changed. XLM's market capitalization was tallied at $8.87 billion, placing it 13th among cryptocurrencies. Cardano remained in 14th place with a market cap of $8.37 billion. U.Today reported that XLM's price surge led to a reshuffling of cryptocurrency rankings.

Cryptocurrency research platform 10x Research also named XLM as one of the hottest performing assets last week. 10x Research stated via X (formerly Twitter) that “XLM was one of the top charts in last week's One-Liners report, up 76% in the last 7 days.” It further explained that XLM is trading above both its 7-day and 30-day moving averages, indicating bullish signals.

The positive drivers weren't limited to the DTCC news. DTCC is collaborating with the Stellar Development Foundation to tokenize Russell 1000 stocks, ETFs, and U.S. Treasury bonds on the Stellar public blockchain, aiming for real-world asset operation by early 2027. Block's Cash App has introduced Stellar-based USDC payments for its 60 million users. Bermuda has confirmed its intention to transfer national payment services to Stellar, presenting a plan to become the first government to move to a fully on-chain economy.

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