Stellar Scores Huge Enterprise Win With Payroll Platform

Stellar (XLM) just became home to salaries paid in real-time USDC transactions for employers & employees working with Zebec. The New York-based fintech company carries out what’s called ‘streaming payments’.

Simply put, this allows real-time streaming payments to be made upon user request, instead of the traditional method of transferring a lump sum payment every month. This makes payments programmable, but most of these services are based on USDC rather than Stellar’s native XLM.

Moreover, Stellar’s XLM Network now hosts a salary payment system that’s directly linked to Mastercard debit cards, enabling the workers to or cash out to a local currency or spend money in-shop.

The package also includes an automated HR dashboard, something a flurry of European institutions have been testing out this month. Zebec’s applied a multi-chain attitude, piloting the real-time salary system on Solana (SOL) first. Then ,Stellar (XLM) was picked second for low fee global remittances.

The on-chain metrics reflect this decision: Stellar’s Total Value Locked (TVL) skyrocketed by 9.25% in 24 hours, says DefiLlama. However, for XLM, the price implications might come in late. The altcoin is down 4.48%, clinging on the $0.21 support level, still acting as a major demand zone after last month’s upswing.

To add, the stablecoin market capitalization on XLM Network is now witnessing an all-time high at $807 million. And it’s not dominated by Circle’s USDC - the leader capturing more than 60% is now USDY, an interest-bearing token developed by Ondo Finance that is secured by short-term U.S. Treasuries and bank demand deposits. 

Judging from the price movement on Tuesday, Stellar’s bulls are facing massive resistance when trying to fill the $0.23 wick, constantly getting beaten down to the $0.212 price level, coinciding with the Exponential Moving Average (EMA).

Certainly, the scales are lopsided on Futures, as XLM’s bulls took in a $1.22 million deficit in liquidations, per CoinGlass data. Conversely, the short-sellers flushed away $522.13K in excessively-leveraged positions, but that’s not enough for the bulls to orchestrate a comeback yet.

The big issue is the sell-offs on smaller time-frames among crypto currency whales, the largest of crypto investors. With the Chaikin Money Flow (CMF) now dwelling in negative figures, XLM’s bounce back to the May heights of $0.28 could be postponed until paper hands are shaken out.

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