Stellar Lumens (XLM) recorded a price spike after the Stellar Foundation launched a partnership with remittance service, MoneyGram on October 6th.
XLM rose 20.45% from a daily low of $ 0.31 on Oct. 5 to a daily high of $ 0.37 today.
However at the time of writing, the asset is trading at $ 0.36, still up almost 13% in 24 hours.
The collaboration between the two parties aims to create payment improvements that facilitate money transfers and enable instant settlement in stablecoin, USDC.
Following that, United Texas Bank will be the settlement bank or intermediary between USDC issuers Circle and MoneyGram.
For the record, MoneyGram has been working with Ripple since 2019. However, the relationship was terminated by MoneyGram in mid -March following Ripple's unsecured fate for the long term.
Stellar was founded by Ripple’s former co -founder, Jed McCaleb. So, it can be said that there is intense competition between these two blockchains.
