Stellar (XLM) has pumped hard over the past 24 hours as the price of the world’s 13th-largest cryptocurrency rose to highs of $0.17. The cryptocurrency’s value against the US dollar has increased by about 14% on the day, with investors likely to eye gains towards $0.20.
Cardano (ADA), Tezos (XTZ) and VeChain (VET) have made significant upsides in the past 24 hours, gaining by 3—5%. However, XLM is printing double-digit gains to trend as the top performer among the 20 largest cryptocurrencies by market cap.
XLM’s price is surging on the back of yet another positive development for the Stellar network. On Monday, Ukraine’s Ministry of Digital Transformation announced it would be using Stellar to launch a national digital currency.
Alongside the Central Bank Digital Currency (CBDC), the country is also looking to work with Stellar Development Foundation to develop an infrastructure for stablecoin implementation and regulation.