Stellar (XLM) has fallen below US$ 0.20. This movement has eliminated all the recovery achieved last year. However, several signals indicate that many investors still remain in the ecosystem.
Additionally, real-world assets (RWA) and stablecoins may become important vectors for a new wave of XLM accumulation.
Positive signals for Stellar despite the strong decline
Data from DefiLlama shows that the volume of XLM locked in DeFi protocols on the Stellar network reached an all-time high in early February 2026, exceeding 900 million XLM.
This milestone reflects the expansion of Stellar's DeFi ecosystem, even as XLM continues to drop below the year's main support at US$ 0.20.
Although the TVL of Stellar, in US$ values, is currently close to US$ 163 million, the sharp increase of XLM locked demonstrates high confidence from the community and long-term investors in the potential adoption of the network.
The main protocols driving this capital flow include Blend, a liquidity protocol that allows the creation of flexible lending markets on Stellar, and Aquarius Stellar, an AMM solution and layer for liquidity management on the network. Together, they account for about 70% of the total TVL.
Data from Artemis also points to another significant signal. The weekly number of active users across the Stellar ecosystem remains stable at around 60,000 in recent weeks. There has been no significant drop, even in the face of the decline in XLM's price.
The chart shows that at the end of 2024, when XLM dropped from US$ 0.10 before rising to US$ 0.60, user activity remained stable, with an upward trend.
This indicates that Stellar users are not abandoning the network, even with the outflow of capital from the crypto market as a whole. On the other hand, the current absence of new participants may explain why XLM has not yet recovered.
Derivatives metrics also suggest that XLM may be entering a new consolidation zone. The Open Interest volume reached its lowest level since November 2024, reflecting a strong reduction in leverage by traders.
With this, intense volatility may be dissipating. XLM may now enter a sideways phase, with less leveraged buying and selling pressure. This scenario often favors the formation of a new accumulation zone.
However, identifying the market bottom and anticipating the moment of recovery remains a challenge given the current conditions.
Real-world assets and stablecoins may be the main drivers of Stellar in 2026.
A report published last month stated that the total value of tokenized real-world assets on Stellar, excluding stablecoins, reached US$ 1 billion at the beginning of this year.
Santiment, a crypto market analysis platform, also reported that Stellar is among the top four RWA projects by development activity on GitHub since the beginning of the year.
“... XLM is not a speculative addition. It is necessary for transactions, account operations, and activity on the network. As the volume of RWAs grows, the use of $XLM follows — not cyclically, but fundamentally,” stated Scopuly, a Stellar wallet provider.
The market value of Stellar's stablecoins remains relatively modest, at around US$ 200 million. However, MoneyGram, one of the largest global companies for international remittances and P2P payments, recently reaffirmed the stability of its dollar-backed stablecoin. The company continues testing on Stellar.
USD-backed stablecoins can unlock access to stability in even the most volatile economies.
That's why we piloted stablecoins in the MoneyGram® Money Transfers App in Colombia with @StellarOrg, @Crossmint and @USDC.
— MoneyGram (@MoneyGram) February 3, 2026
Thus, the demand for RWAs and stablecoins may become the main driver for the accumulation of XLM, especially as the asset faces strong selling pressure near current lows.
The article Stellar (XLM) drops below US$ 0.20 was first seen on BeInCrypto Brazil.