Stellar Leads All Blockchains in Terms of Off-Ramp Locations, XLM Price Jumps +12%

Key takeaways:

• Stellar support more cash-to-crypto off-ramps than any other cryptocurrency
• XLM price has spiked in recent weeks due to a series of bullish catalysts for the token, including XRP’s recent court ruling
• Stellar aims to bridge the gap between the on-chain and off-chain economies with its extensive network of crypto off-ramps

Stellar now has the most crypto off-ramps out of any digital asset that can be found on the blockchain, and the project’s native XLM token has spiked 12% since the announcement was released on 26th July.

In a blog post released by the Stellar team, it was revealed that Stellar has over three times more off-ramps than Bitcoin (BTC) — the cryptocurrency with the second-highest number of off-ramps. Stellar offers 322,000 off-ramps in total, which allow blockchain users to withdraw USDC and convert the value into fiat currency for spending.

Stellar stated that its off-ramp services are “quick, affordable, and seamless,” as the project aims to offer enterprise-grade off-ramp services which can bridge the gap between the on-chain economy and the off-chain economy.

What is Stellar (XLM)?

Stellar is a decentralized, open-source blockchain project that first launched in 2014. The native token, XLM, is the medium of exchange on the Stellar network and is used to facilitate low-cost, cross-border transactions that can be settled with fiat currencies and other digital assets in real-time.

XLM’s mission is to create a more integrated global financial system that merges high-performance blockchain technology with real-world business services. The project aims to provide broader access to financial services for the unbanked and the underbanked, setting up strong technology foundations in developing countries around the world.

How do Stellar’s off-ramp services help to support the underbanked?

As mentioned in Stellar’s recent blog post, it can be difficult for blockchain users to exchange their digital assets for real-world goods and services. This is especially true for people in developing nations, where the infrastructure for digital services is often not readily available or can be inefficient when compared with simple cash payments.

Stellar, a project that aims to reduce entry barriers for the unbanked and underbanked, has made crypto off-ramps a core aspect of its business development plan. The combination of decentralized finance (DeFi) with cash-based off-ramps enables people in developing countries to make full use of cryptocurrencies in their day-to-day lives.

Stellar’s crypto off-ramps allow users to easily transfer value from the online world to the off-chain economy. This has led to a growing number of institutions partnering with Stellar, including IBM and Stripe, and as of the time of writing, there are 475,000 cash-to-crypto stations situated around the world that use the Stellar network — a figure that includes both on-ramps and off-ramps.

XLM price movement

XLM, the native cryptocurrency for the Stellar network, is currently valued at $0.1623 per token. XLM rose by over 100% on 13th July 2023, as XRP — a cryptocurrency with similar characteristics — was deemed “not necessarily a security” by New York courts.

The CoinCodex price prediction algorithm forecasts that XLM will reach a value of $0.1713 over the coming 30-day period — a 9.94% rise from the current price level.