Stellar Lumens gets first stablecoin from Brazil with Mercado Bitcoin promoting ecosystem growth

• The Stellar community will benefit significantly from Mercado Bitcoin’s MBRL stablecoin through increased on-chain activity.
• Some notable institutional investors using the Stellar Lumens ecosystem include Circle, MoneyGram, and BlackRock, among others.

The Stellar Lumens network continues to expand its global market amid persistent bear markets. Brazil’s top cryptocurrency exchange Mercado Bitcoin (MB), has announced the launch of its first stablecoin called MBRL, which is reportedly backed by reais. According to the announcement, the MBRL stablecoin was developed on top of the Stellar (XLM) blockchain.

However, the cryptocurrency exchange has indicated that the MBRL stablecoin will be made available on other blockchains in the future. Furthermore, the success of a stablecoin is directly related to the number of chains it passes through. Reinaldo Rabelo, CEO of MB said;

Our goal is to accelerate the huge potential for adoption of blockchain applications in Brazil, and develop solutions that empower our customers’ daily transactions,

The news had little impact on the XLM price which traded around $0.087806 on Friday, down about 73 percent over the past twelve months. Nevertheless, the XLM market has increased by approximately 18,376 percent over the past seven years, according to our latest crypto price oracles.

As such, an XLM holder since inception who invested $10,000 back then and unloaded a single unit is seeing a bag of over $1,830,000.

The Stellar community will benefit significantly from Mercado Bitcoin’s MBRL stablecoin through increased on-chain activity. Furthermore, MBRL stablecoins will pay fees on the Stellar Lumens blockchain via XLM.

Stellar XLM and the market outlook

The Stellar ecosystem is still in its early stages of development compared to Ethereum, BSC or Bitcoin. Nevertheless, the Stellar network has received massive adoption from key institutional investors. Furthermore, XLM tokens have a market cap of approximately $2,262,760,176 despite the year-long bear market, which has wiped out over $2.2 trillion from the entire crypto market.

Some notable institutional investors using the Stellar Lumens ecosystem include Circle, MoneyGram, and BlackRock, among others. Interestingly, the Stellar ledger contains approximately 149,209 unique assets, including NFTs and DeFi tokens.

As with the Bitcoin price, Stellar Lumens sits between positive fundamentals and negative technical positions. The 200MA indicates more selling pressure on the weekly chart. However, the RSI indicator shows that XLM is trading at oversold levels. As such, swing traders are looking for a possible breakout before December ends, fueled by historic Christmas crypto rallies.

The Stellar Lumens ecosystem continues to build bridges to connect to other blockchains and ensure the scalability of Dapps. Furthermore, the Stellar network supports a variety of wallets, including hot and cold crypto storage. In addition, the XLM coin is listed on several cryptocurrency exchanges, including Coinbase Global, Kraken, Binance, Bittrex, Bitfinex, and Upbit, among others.