Stellar (XLM) price is yet to see an upside even as it got spotlighted as part of Hashdex Nasdaq Crypto Index US ETF receiving greenlight from the US SEC.
Hashdex received Securities and Exchange Commission (SEC) approval to expand its Nasdaq Crypto Index US ETF (NCIQ) beyond Bitcoin (BTC) and Ethereum (ETH), adding XRP, Solana (SOL), and Stellar (XLM) through the newly adopted generic listing standards.
The SEC approved generic listing standards on Sept. 17 for commodity-based trust shares on major exchanges, including Nasdaq, Cboe, and the New York Stock Exchange.
The standards aimed to streamline approval processes for exchange-traded products tied to digital assets.
Marcelo Sampaio, Hashdex co-founder and CEO, stated:
“Since 2018, Hashdex has been a market leader in crypto index products globally, and this signifies a major milestone in meeting the needs of U.S. advisors and investors.”
The Nasdaq Crypto US Index tracked performance based on strict criteria, including liquidity, market capitalization, and regulatory compliance.
Currently, Bitcoin, Ethereum, XRP, Solana, Cardano, and XLM are qualified for inclusion, although NCIQ has excluded Cardano from its current holdings.
Hashdex CIO Samir Kerbage emphasized the significance of the expansion for crypto index investing.
He said:
“Thanks to recent regulatory updates and the approval of generic listing standards, NCIQ is expanding today and will adapt over time as new assets meet the index’s and listing requirements.”
Hashdex managed approximately $1.56 billion in total assets under management across four index products tracking global versions of the Nasdaq Crypto Index.
The firm operates the largest multi-asset crypto ETP in Europe and the largest multi-asset crypto ETF in Latin America.
XLM Addition Creates Virtual Spot ETF Pathway
The inclusion of XLM through generic approval standards effectively created a regulatory pathway for dedicated Stellar spot ETFs.
While generic standards did not guarantee approval for every crypto ETF, the addition of XLM signaled the SEC’s acceptance of the token under established commodity-based frameworks.
The approval followed years of regulatory back-and-forth between the SEC and exchanges over crypto-based products. Previous applications faced lengthy reviews under case-by-case approval processes.
Technical Analysis Points to XLM Price Catalyst Potential
Trader Nebraskangooner highlighted Sept. 18 that XLM attempted to break an inverse head and shoulders pattern near $0.40.
The technical formation suggested potential bullish momentum if the resistance level is broken successfully.
Analyst Steph is Crypto noted Sept. 24 that breaking the $0.40 level could send XLM price toward $0.70. The projection indicated significant upside potential from current trading levels.
Technical analyst Man of Bitcoin observed on Sept. 24 that breaking above the descending trendline and rallying toward $0.408 could signal a bottom formation for XLM.
The analysis converged on reclaiming the $0.40 area as essential for further upside.
The Hashdex ETF listing might provide fundamental support for XLM’s technical breakout attempts. Institutional exposure through the multi-crypto fund offered new demand sources beyond retail trading activity.
XLM price traded at $0.3526 at press time, declining 10% over seven days and 2.3% in 24 hours.
Industry experts emphasized that regulatory “floodgates” for crypto ETPs remained partially closed despite generic standard approvals. XLM’s inclusion represents a significant precedent for altcoin ETF pathways.