M&#7841;ng l&#432;&#7899;i Stellar (XLM) &#273;ang tr&#7843;i qua n&#259;m ph&aacute;t tri&#7875;n s&ocirc;i &#273;&#7897;ng nh&#7845;t v&agrave;o n&#259;m 2025, v&#7899;i m&#7909;c ti&ecirc;u m&#7841;nh m&#7869; l&agrave; thu h&uacute;t c&aacute;c t&#7893; ch&#7913;c t&agrave;i ch&iacute;nh l&#7899;n. Tuy nhi&ecirc;n, gi&aacute; XLM l&#7841;i di&#7877;n bi&#7871;n tr&aacute;i chi&#7873;u m&#7863;c d&ugrave; c&oacute; nh&#7919;ng n&#7873;n t&#7843;ng v&#7919;ng ch&#7855;c.
Nh&#7919;ng di&#7877;n bi&#7871;n n&agrave;y l&agrave;m n&#7893;i b&#7853;t s&#7921; hi&#7879;n di&#7879;n ng&agrave;y c&agrave;ng l&#7899;n c&#7911;a Stellar trong c&aacute;c thanh to&aacute;n xuy&ecirc;n bi&ecirc;n gi&#7899;i. Ch&uacute;ng c&#361;ng l&agrave;m d&#7845;y l&ecirc;n k&#7923; v&#7885;ng v&#7873; s&#7921; ph&#7909;c h&#7891;i m&#7841;nh m&#7869; c&#7911;a gi&aacute; XLM v&agrave;o cu&#7889;i n&#259;m.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-stellar-expands-institutional-reach">Stellar m&#7903; r&#7897;ng ph&#7841;m vi ti&#7871;p c&#7853;n t&#7893; ch&#7913;c</h2>

Ng&acirc;n h&agrave;ng M&#7929; &mdash; m&#7897;t trong nh&#7919;ng ng&acirc;n h&agrave;ng th&#432;&#417;ng m&#7841;i l&#7899;n nh&#7845;t t&#7841;i Hoa K&#7923; &mdash; &#273;&atilde; b&#7855;t &#273;&#7847;u t&iacute;ch c&#7921;c <a href="https://stellar.org/blog/ecosystem/u-s-bank-is-testing-custom-stablecoin-issuance-on-the-stellar-network" target="_blank" rel="noreferrer noopener nofollow">th&#7917; nghi&#7879;m ph&aacute;t h&agrave;nh stablecoin tr&ecirc;n m&#7841;ng l&#432;&#7899;i Stellar</a>.
Vi&#7879;c m&#7897;t t&#7893; ch&#7913;c t&agrave;i ch&iacute;nh truy&#7873;n th&#7889;ng l&#7899;n ch&#7885;n Stellar thay v&igrave; Ethereum ho&#7863;c c&aacute;c gi&#7843;i ph&aacute;p layer-2 kh&aacute;c b&aacute;o hi&#7879;u m&#7897;t c&#7897;t m&#7889;c quan tr&#7885;ng. &#272;i&#7873;u n&agrave;y cho th&#7845;y m&#7841;ng l&#432;&#7899;i &#273;&atilde; &#273;&#7841;t t&#7899;i m&#7913;c &#273;&#7897; tin c&#7853;y v&agrave; hi&#7879;u su&#7845;t m&agrave; c&aacute;c ng&acirc;n h&agrave;ng y&ecirc;u c&#7847;u.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;V&#7899;i kh&aacute;ch h&agrave;ng ng&acirc;n h&agrave;ng, ch&uacute;ng t&ocirc;i ph&#7843;i xem x&eacute;t c&aacute;c bi&#7879;n ph&aacute;p b&#7843;o v&#7879; kh&aacute;c li&ecirc;n quan &#273;&#7871;n vi&#7879;c nh&#7853;n di&#7879;n kh&aacute;ch h&agrave;ng, kh&#7843; n&#259;ng ho&agrave;n t&aacute;c c&aacute;c giao d&#7883;ch, kh&#7843; n&#259;ng thu h&#7891;i giao d&#7883;ch, v&agrave; m&#7897;t trong nh&#7919;ng &#273;i&#7873;u tuy&#7879;t v&#7901;i c&#7911;a n&#7873;n t&#7843;ng Stellar l&agrave; ch&uacute;ng t&ocirc;i &#273;&atilde; h&#7885;c &#273;&#432;&#7907;c r&#7857;ng h&#7885; c&oacute; kh&#7843; n&#259;ng &#273;&oacute;ng b&#259;ng t&agrave;i s&#7843;n v&agrave; ho&agrave;n t&aacute;c giao d&#7883;ch &#7903; t&#7847;ng ho&#7841;t &#273;&#7897;ng c&#417; b&#7843;n c&#7911;a h&#7885;.&rdquo; &mdash; Mike Villano, Ph&oacute; Ch&#7911; t&#7883;ch C&#7845;p cao, Tr&#432;&#7903;ng B&#7897; ph&#7853;n S&#7843;n ph&#7849;m T&agrave;i s&#7843;n K&#7929; thu&#7853;t s&#7889;, Ng&acirc;n h&agrave;ng M&#7929;, <a href="https://stellar.org/blog/ecosystem/u-s-bank-is-testing-custom-stablecoin-issuance-on-the-stellar-network" target="_blank" rel="noreferrer noopener nofollow">cho bi&#7871;t</a>.
</blockquote>

Th&ocirc;ng tin n&agrave;y lan truy&#7873;n nhanh ch&oacute;ng trong c&#7897;ng &#273;&#7891;ng XLM, <a href="https://x.com/thebu11runner/status/1993412413308510532" target="_blank" rel="noreferrer noopener nofollow">t&#259;ng c&#432;&#7901;ng l&ograve;ng tin</a> r&#7857;ng &#273;&#7897;ng th&aacute;i c&#7911;a Ng&acirc;n h&agrave;ng M&#7929; c&oacute; th&#7875; khuy&#7871;n kh&iacute;ch c&aacute;c ng&acirc;n h&agrave;ng kh&aacute;c n&#7889;i g&oacute;t. S&#7921; ch&#7845;p nh&#7853;n l&#7899;n h&#417;n c&#7911;a c&aacute;c t&#7893; ch&#7913;c c&oacute; th&#7875; h&#7895; tr&#7907; vi&#7879;c s&#7917; d&#7909;ng m&#7841;ng l&#432;&#7899;i v&agrave; c&#7911;ng c&#7889; gi&aacute; XLM.
&#272;&#7891;ng th&#7901;i, AUDD &mdash; m&#7897;t stablecoin &#273;&#432;&#7907;c &#273;&#7843;m b&#7843;o b&#7903;i &#273;&ocirc; la Australia theo t&#7927; l&#7879; 1:1 &mdash; &#273;&atilde; <a href="https://www.audd.digital/audd-stablecoin-surpasses-1-billion-in-organic-transactions-on-stellar" target="_blank" rel="noreferrer noopener nofollow">ch&iacute;nh th&#7913;c v&#432;&#7907;t m&#7889;c 1 t&#7927; USD</a> trong kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch h&#7919;u c&#417; tr&ecirc;n Stellar. C&#7897;t m&#7889;c n&agrave;y &#273;&aacute;ng ch&uacute; &yacute; v&igrave; n&oacute; ph&#7843;n &aacute;nh ho&#7841;t &#273;&#7897;ng th&#7921;c t&#7871; c&#7911;a ng&#432;&#7901;i d&ugrave;ng v&agrave; doanh nghi&#7879;p, thay v&igrave; giao d&#7883;ch &#7843;o hay canh t&aacute;c thanh kho&#7843;n, th&#432;&#7901;ng th&#7845;y &#7903; c&aacute;c d&#7921; &aacute;n crypto kh&aacute;c.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">Stellar &#432;u ti&ecirc;n b&#7843;o m&#7853;t khi nhu c&#7847;u b&#7843;o m&#7853;t c&aacute; nh&acirc;n c&#7911;a c&aacute;c t&#7893; ch&#7913;c t&#259;ng</h2>

Ti&#7871;n b&#7897; k&#7929; thu&#7853;t quan tr&#7885;ng nh&#7845;t &#273;i k&egrave;m v&#7899;i vi&#7879;c <a href="https://stellar.org/blog/developers/announcing-stellar-x-ray-protocol-25" target="_blank" rel="noreferrer noopener nofollow">ra m&#7855;t X-Ray</a>, m&#7897;t ph&#7847;n c&#7911;a Protocol 25, gi&#7899;i thi&#7879;u c&#417; s&#7903; h&#7841; t&#7847;ng cho c&aacute;c &#7913;ng d&#7909;ng b&#7843;o m&#7853;t d&#7921;a tr&ecirc;n zero-knowledge.
Ph&aacute;t tri&#7875;n n&agrave;y ph&ugrave; h&#7907;p v&#7899;i h&agrave;nh vi th&#7883; tr&#432;&#7901;ng hi&#7879;n t&#7841;i. M&#7897;t b&aacute;o c&aacute;o t&#7915; BeInCrypto <a href="https://vn.beincrypto.com/institutions-shift-from-ethereum-to-private-blockchains/" target="_blank" rel="noreferrer noopener">cho th&#7845;y c&aacute;c t&#7893; ch&#7913;c &#273;ang d&#7847;n chuy&#7875;n t&#7915; chu&#7895;i c&ocirc;ng khai Ethereum sang c&aacute;c blockchain t&#7853;p trung v&agrave;o quy&#7873;n ri&ecirc;ng t&#432;</a>.
Vi&#7879;c Stellar tri&#7875;n khai c&ocirc;ng ngh&#7879; ZK ti&ecirc;n ti&#7871;n c&#7911;ng c&#7889; l&#7907;i th&#7871; c&#7841;nh tranh c&#7911;a n&oacute; trong cu&#7897;c &#273;ua gi&agrave;nh v&#7889;n c&#7911;a t&#7893; ch&#7913;c.
Nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; c&#361;ng &#273;&atilde; chuy&#7875;n s&#7921; ch&uacute; &yacute; &#273;&#7871;n c&aacute;c <a href="https://beincrypto.com/learn/zero-knowledge-proofs-explained/" target="_blank" rel="noreferrer noopener">Zero-Knowledge</a> (ZK) coin nh&#432; <a href="https://vn.beincrypto.com/zcash-price-rally-breakout-levels-analysis/" target="_blank" rel="noreferrer noopener">Zcash</a> (ZEC) v&agrave; <a href="https://vn.beincrypto.com/starknet-institutional-staking-breakout/" target="_blank" rel="noreferrer noopener">StarkNet</a> (STRK). C&aacute;c altcoin n&agrave;y &#273;&atilde; ho&#7841;t &#273;&#7897;ng t&#7889;t m&#7863;c d&ugrave; th&#7883; tr&#432;&#7901;ng chung &#273;ang &#273;i&#7873;u ch&#7881;nh.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">XLM giao d&#7883;ch t&#7841;i m&#7913;c h&#7895; tr&#7907; quan tr&#7885;ng nh&#7845;t trong n&#259;m</h2>

C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch nh&#7853;n &#273;&#7883;nh r&#7857;ng XLM hi&#7879;n t&#7841;i &#273;ang n&#7857;m &#273;&uacute;ng tr&ecirc;n v&ugrave;ng h&#7895; tr&#7907; m&#7841;nh nh&#7845;t c&#7911;a n&#259;m 2025.
Quan &#273;i&#7875;m n&agrave;y d&#7921;a tr&ecirc;n hai y&#7871;u t&#7889; ch&iacute;nh. Th&#7913; nh&#7845;t, XLM &#273;&atilde; l&#7863;p l&#7841;i c&#7845;u tr&uacute;c c&aacute;i n&ecirc;m gi&#7843;m hai l&#7847;n trong n&#259;m nay. M&ocirc; h&igrave;nh tr&#432;&#7899;c &#273;&oacute; &#273;&atilde; d&#7851;n &#273;&#7871;n m&#7897;t &#273;&#7907;t ph&#7909;c h&#7891;i m&#7841;nh.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/TuDKlDMDEcrl8yBGhg8MJ7K-NAQ=/smart/8ddf9ad1fe914ceebc70bcb06f63b5c6" alt="Stellar (XLM) Falling Wedge Structure. Source: Elite Crypto" class="wp-image-777160">C&#7845;u tr&uacute;c c&aacute;i n&ecirc;m gi&#7843;m c&#7911;a Stellar (XLM). Ngu&#7891;n: <a href="https://x.com/TheEliteCrypto/status/1992678705316143613/photo/1" target="_blank" rel="noreferrer noopener nofollow">Elite Crypto</a>

Th&#7913; hai, XLM &#273;&atilde; <a href="https://x.com/ChartingGuy/status/1993156643174203412" target="_blank" rel="noreferrer noopener nofollow">chuy&#7875;n &#273;&#7893;i EMA 200 tu&#7847;n</a> t&#7915; kh&aacute;ng c&#7921; th&agrave;nh h&#7895; tr&#7907;. &#272;&#432;&#7901;ng trung b&igrave;nh &#273;&#7897;ng n&agrave;y ch&#7881; ra s&#7921; gia t&#259;ng nhu c&#7847;u m&#7841;nh g&#7847;n khu v&#7921;c 0.20 USD.
Ngo&agrave;i c&aacute;c ch&#7881; s&#7889; k&#7929; thu&#7853;t, c&aacute;c s&#7889; li&#7879;u tr&ecirc;n chu&#7895;i b&aacute;o hi&#7879;u <a href="https://beincrypto.com/learn/buy-stellar/" target="_blank" rel="noreferrer noopener">nhu c&#7847;u XLM t&#259;ng cao</a> trong DeFi. T&#7893;ng gi&aacute; tr&#7883; kh&oacute;a (TVL) tr&ecirc;n Stellar &#273;&atilde; &#273;&#7841;t m&#7913;c cao m&#7899;i l&agrave; 168.8 tri&#7879;u USD, b&#7845;t ch&#7845;p s&#7921; gi&#7843;m gi&aacute; trong hai th&aacute;ng qua.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/ly0Tc9f4SkPHpVZJw6aACtrp5nc=/smart/c4f7518a7f78415892851d4351b4612c" alt="Stellar Total Value Locked. Source: DefiLlama" class="wp-image-777164">T&#7893;ng gi&aacute; tr&#7883; kh&oacute;a c&#7911;a Stellar. Ngu&#7891;n: <a href="https://defillama.com/chain/stellar?stablecoinsMcap=false&amp;currency=USD&amp;chainTokenPrice=true" target="_blank" rel="noreferrer noopener nofollow">DefiLlama</a>

S&#7921; k&#7871;t h&#7907;p gi&#7919;a c&aacute;c ph&aacute;t tri&#7875;n c&#7911;a t&#7893; ch&#7913;c, n&acirc;ng c&#7845;p t&#7853;p trung v&agrave;o quy&#7873;n ri&ecirc;ng t&#432; v&agrave; h&#7895; tr&#7907; k&#7929; thu&#7853;t m&#7841;nh m&#7869; t&#7841;o c&#417; s&#7903; &#273;&#7875; nh&agrave; &#273;&#7847;u t&#432; <a href="https://vn.beincrypto.com/stellar-xlm-price-outlook-for-november-2025/" target="_blank" rel="noreferrer noopener">mong &#273;&#7907;i s&#7921; ph&#7909;c h&#7891;i c&#7911;a XLM</a> khi n&#259;m k&#7871;t th&uacute;c.

Ngân hàng Mỹ thử nghiệm phát hành Stablecoin trên Stellar, dấy lên hy vọng phục hồi giá XLM

M&#7841;ng l&#432;&#7899;i Stellar (XLM) &#273;ang tr&#7843;i qua n&#259;m ph&aacute;t tri&#7875;n s&ocirc;i &#273;&#7897;ng nh&#7845;t v&agrave;o n&#259;m 2025, v&#7899;i m&#7909;c ti&ecirc;u m&#7841;nh m&#7869; l&agrave; thu h&uacute;t c&aacute;c t&#7893; ch&#7913;c t&agrave;i ch&iacute;nh l&#7899;n. Tuy nhi&ecirc;n, gi&aacute; XLM l&#7841;i di&#7877;n bi&#7871;n tr&aacute;i chi&#7873;u m&#7863;c d&ugrave; c&oacute; nh&#7919;ng n&#7873;n t&#7843;ng v&#7919;ng ch&#7855;c.
Nh&#7919;ng di&#7877;n bi&#7871;n n&agrave;y l&agrave;m n&#7893;i b&#7853;t s&#7921; hi&#7879;n di&#7879;n ng&agrave;y c&agrave;ng l&#7899;n c&#7911;a Stellar trong c&aacute;c thanh to&aacute;n xuy&ecirc;n bi&ecirc;n gi&#7899;i. Ch&uacute;ng c&#361;ng l&agrave;m d&#7845;y l&ecirc;n k&#7923; v&#7885;ng v&#7873; s&#7921; ph&#7909;c h&#7891;i m&#7841;nh m&#7869; c&#7911;a gi&aacute; XLM v&agrave;o cu&#7889;i n&#259;m.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-stellar-expands-institutional-reach">Stellar m&#7903; r&#7897;ng ph&#7841;m vi ti&#7871;p c&#7853;n t&#7893; ch&#7913;c</h2>

Ng&acirc;n h&agrave;ng M&#7929; &mdash; m&#7897;t trong nh&#7919;ng ng&acirc;n h&agrave;ng th&#432;&#417;ng m&#7841;i l&#7899;n nh&#7845;t t&#7841;i Hoa K&#7923; &mdash; &#273;&atilde; b&#7855;t &#273;&#7847;u t&iacute;ch c&#7921;c <a href="https://stellar.org/blog/ecosystem/u-s-bank-is-testing-custom-stablecoin-issuance-on-the-stellar-network" target="_blank" rel="noreferrer noopener nofollow">th&#7917; nghi&#7879;m ph&aacute;t h&agrave;nh stablecoin tr&ecirc;n m&#7841;ng l&#432;&#7899;i Stellar</a>.
Vi&#7879;c m&#7897;t t&#7893; ch&#7913;c t&agrave;i ch&iacute;nh truy&#7873;n th&#7889;ng l&#7899;n ch&#7885;n Stellar thay v&igrave; Ethereum ho&#7863;c c&aacute;c gi&#7843;i ph&aacute;p layer-2 kh&aacute;c b&aacute;o hi&#7879;u m&#7897;t c&#7897;t m&#7889;c quan tr&#7885;ng. &#272;i&#7873;u n&agrave;y cho th&#7845;y m&#7841;ng l&#432;&#7899;i &#273;&atilde; &#273;&#7841;t t&#7899;i m&#7913;c &#273;&#7897; tin c&#7853;y v&agrave; hi&#7879;u su&#7845;t m&agrave; c&aacute;c ng&acirc;n h&agrave;ng y&ecirc;u c&#7847;u.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;V&#7899;i kh&aacute;ch h&agrave;ng ng&acirc;n h&agrave;ng, ch&uacute;ng t&ocirc;i ph&#7843;i xem x&eacute;t c&aacute;c bi&#7879;n ph&aacute;p b&#7843;o v&#7879; kh&aacute;c li&ecirc;n quan &#273;&#7871;n vi&#7879;c nh&#7853;n di&#7879;n kh&aacute;ch h&agrave;ng, kh&#7843; n&#259;ng ho&agrave;n t&aacute;c c&aacute;c giao d&#7883;ch, kh&#7843; n&#259;ng thu h&#7891;i giao d&#7883;ch, v&agrave; m&#7897;t trong nh&#7919;ng &#273;i&#7873;u tuy&#7879;t v&#7901;i c&#7911;a n&#7873;n t&#7843;ng Stellar l&agrave; ch&uacute;ng t&ocirc;i &#273;&atilde; h&#7885;c &#273;&#432;&#7907;c r&#7857;ng h&#7885; c&oacute; kh&#7843; n&#259;ng &#273;&oacute;ng b&#259;ng t&agrave;i s&#7843;n v&agrave; ho&agrave;n t&aacute;c giao d&#7883;ch &#7903; t&#7847;ng ho&#7841;t &#273;&#7897;ng c&#417; b&#7843;n c&#7911;a h&#7885;.&rdquo; &mdash; Mike Villano, Ph&oacute; Ch&#7911; t&#7883;ch C&#7845;p cao, Tr&#432;&#7903;ng B&#7897; ph&#7853;n S&#7843;n ph&#7849;m T&agrave;i s&#7843;n K&#7929; thu&#7853;t s&#7889;, Ng&acirc;n h&agrave;ng M&#7929;, <a href="https://stellar.org/blog/ecosystem/u-s-bank-is-testing-custom-stablecoin-issuance-on-the-stellar-network" target="_blank" rel="noreferrer noopener nofollow">cho bi&#7871;t</a>.
</blockquote>

Th&ocirc;ng tin n&agrave;y lan truy&#7873;n nhanh ch&oacute;ng trong c&#7897;ng &#273;&#7891;ng XLM, <a href="https://x.com/thebu11runner/status/1993412413308510532" target="_blank" rel="noreferrer noopener nofollow">t&#259;ng c&#432;&#7901;ng l&ograve;ng tin</a> r&#7857;ng &#273;&#7897;ng th&aacute;i c&#7911;a Ng&acirc;n h&agrave;ng M&#7929; c&oacute; th&#7875; khuy&#7871;n kh&iacute;ch c&aacute;c ng&acirc;n h&agrave;ng kh&aacute;c n&#7889;i g&oacute;t. S&#7921; ch&#7845;p nh&#7853;n l&#7899;n h&#417;n c&#7911;a c&aacute;c t&#7893; ch&#7913;c c&oacute; th&#7875; h&#7895; tr&#7907; vi&#7879;c s&#7917; d&#7909;ng m&#7841;ng l&#432;&#7899;i v&agrave; c&#7911;ng c&#7889; gi&aacute; XLM.
&#272;&#7891;ng th&#7901;i, AUDD &mdash; m&#7897;t stablecoin &#273;&#432;&#7907;c &#273;&#7843;m b&#7843;o b&#7903;i &#273;&ocirc; la Australia theo t&#7927; l&#7879; 1:1 &mdash; &#273;&atilde; <a href="https://www.audd.digital/audd-stablecoin-surpasses-1-billion-in-organic-transactions-on-stellar" target="_blank" rel="noreferrer noopener nofollow">ch&iacute;nh th&#7913;c v&#432;&#7907;t m&#7889;c 1 t&#7927; USD</a> trong kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch h&#7919;u c&#417; tr&ecirc;n Stellar. C&#7897;t m&#7889;c n&agrave;y &#273;&aacute;ng ch&uacute; &yacute; v&igrave; n&oacute; ph&#7843;n &aacute;nh ho&#7841;t &#273;&#7897;ng th&#7921;c t&#7871; c&#7911;a ng&#432;&#7901;i d&ugrave;ng v&agrave; doanh nghi&#7879;p, thay v&igrave; giao d&#7883;ch &#7843;o hay canh t&aacute;c thanh kho&#7843;n, th&#432;&#7901;ng th&#7845;y &#7903; c&aacute;c d&#7921; &aacute;n crypto kh&aacute;c.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">Stellar &#432;u ti&ecirc;n b&#7843;o m&#7853;t khi nhu c&#7847;u b&#7843;o m&#7853;t c&aacute; nh&acirc;n c&#7911;a c&aacute;c t&#7893; ch&#7913;c t&#259;ng</h2>

Ti&#7871;n b&#7897; k&#7929; thu&#7853;t quan tr&#7885;ng nh&#7845;t &#273;i k&egrave;m v&#7899;i vi&#7879;c <a href="https://stellar.org/blog/developers/announcing-stellar-x-ray-protocol-25" target="_blank" rel="noreferrer noopener nofollow">ra m&#7855;t X-Ray</a>, m&#7897;t ph&#7847;n c&#7911;a Protocol 25, gi&#7899;i thi&#7879;u c&#417; s&#7903; h&#7841; t&#7847;ng cho c&aacute;c &#7913;ng d&#7909;ng b&#7843;o m&#7853;t d&#7921;a tr&ecirc;n zero-knowledge.
Ph&aacute;t tri&#7875;n n&agrave;y ph&ugrave; h&#7907;p v&#7899;i h&agrave;nh vi th&#7883; tr&#432;&#7901;ng hi&#7879;n t&#7841;i. M&#7897;t b&aacute;o c&aacute;o t&#7915; BeInCrypto <a href="https://vn.beincrypto.com/institutions-shift-from-ethereum-to-private-blockchains/" target="_blank" rel="noreferrer noopener">cho th&#7845;y c&aacute;c t&#7893; ch&#7913;c &#273;ang d&#7847;n chuy&#7875;n t&#7915; chu&#7895;i c&ocirc;ng khai Ethereum sang c&aacute;c blockchain t&#7853;p trung v&agrave;o quy&#7873;n ri&ecirc;ng t&#432;</a>.
Vi&#7879;c Stellar tri&#7875;n khai c&ocirc;ng ngh&#7879; ZK ti&ecirc;n ti&#7871;n c&#7911;ng c&#7889; l&#7907;i th&#7871; c&#7841;nh tranh c&#7911;a n&oacute; trong cu&#7897;c &#273;ua gi&agrave;nh v&#7889;n c&#7911;a t&#7893; ch&#7913;c.
Nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; c&#361;ng &#273;&atilde; chuy&#7875;n s&#7921; ch&uacute; &yacute; &#273;&#7871;n c&aacute;c <a href="https://beincrypto.com/learn/zero-knowledge-proofs-explained/" target="_blank" rel="noreferrer noopener">Zero-Knowledge</a> (ZK) coin nh&#432; <a href="https://vn.beincrypto.com/zcash-price-rally-breakout-levels-analysis/" target="_blank" rel="noreferrer noopener">Zcash</a> (ZEC) v&agrave; <a href="https://vn.beincrypto.com/starknet-institutional-staking-breakout/" target="_blank" rel="noreferrer noopener">StarkNet</a> (STRK). C&aacute;c altcoin n&agrave;y &#273;&atilde; ho&#7841;t &#273;&#7897;ng t&#7889;t m&#7863;c d&ugrave; th&#7883; tr&#432;&#7901;ng chung &#273;ang &#273;i&#7873;u ch&#7881;nh.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">XLM giao d&#7883;ch t&#7841;i m&#7913;c h&#7895; tr&#7907; quan tr&#7885;ng nh&#7845;t trong n&#259;m</h2>

C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch nh&#7853;n &#273;&#7883;nh r&#7857;ng XLM hi&#7879;n t&#7841;i &#273;ang n&#7857;m &#273;&uacute;ng tr&ecirc;n v&ugrave;ng h&#7895; tr&#7907; m&#7841;nh nh&#7845;t c&#7911;a n&#259;m 2025.
Quan &#273;i&#7875;m n&agrave;y d&#7921;a tr&ecirc;n hai y&#7871;u t&#7889; ch&iacute;nh. Th&#7913; nh&#7845;t, XLM &#273;&atilde; l&#7863;p l&#7841;i c&#7845;u tr&uacute;c c&aacute;i n&ecirc;m gi&#7843;m hai l&#7847;n trong n&#259;m nay. M&ocirc; h&igrave;nh tr&#432;&#7899;c &#273;&oacute; &#273;&atilde; d&#7851;n &#273;&#7871;n m&#7897;t &#273;&#7907;t ph&#7909;c h&#7891;i m&#7841;nh.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/TuDKlDMDEcrl8yBGhg8MJ7K-NAQ=/smart/8ddf9ad1fe914ceebc70bcb06f63b5c6" alt="Stellar (XLM) Falling Wedge Structure. Source: Elite Crypto" class="wp-image-777160">C&#7845;u tr&uacute;c c&aacute;i n&ecirc;m gi&#7843;m c&#7911;a Stellar (XLM). Ngu&#7891;n: <a href="https://x.com/TheEliteCrypto/status/1992678705316143613/photo/1" target="_blank" rel="noreferrer noopener nofollow">Elite Crypto</a>

Th&#7913; hai, XLM &#273;&atilde; <a href="https://x.com/ChartingGuy/status/1993156643174203412" target="_blank" rel="noreferrer noopener nofollow">chuy&#7875;n &#273;&#7893;i EMA 200 tu&#7847;n</a> t&#7915; kh&aacute;ng c&#7921; th&agrave;nh h&#7895; tr&#7907;. &#272;&#432;&#7901;ng trung b&igrave;nh &#273;&#7897;ng n&agrave;y ch&#7881; ra s&#7921; gia t&#259;ng nhu c&#7847;u m&#7841;nh g&#7847;n khu v&#7921;c 0.20 USD.
Ngo&agrave;i c&aacute;c ch&#7881; s&#7889; k&#7929; thu&#7853;t, c&aacute;c s&#7889; li&#7879;u tr&ecirc;n chu&#7895;i b&aacute;o hi&#7879;u <a href="https://beincrypto.com/learn/buy-stellar/" target="_blank" rel="noreferrer noopener">nhu c&#7847;u XLM t&#259;ng cao</a> trong DeFi. T&#7893;ng gi&aacute; tr&#7883; kh&oacute;a (TVL) tr&ecirc;n Stellar &#273;&atilde; &#273;&#7841;t m&#7913;c cao m&#7899;i l&agrave; 168.8 tri&#7879;u USD, b&#7845;t ch&#7845;p s&#7921; gi&#7843;m gi&aacute; trong hai th&aacute;ng qua.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/ly0Tc9f4SkPHpVZJw6aACtrp5nc=/smart/c4f7518a7f78415892851d4351b4612c" alt="Stellar Total Value Locked. Source: DefiLlama" class="wp-image-777164">T&#7893;ng gi&aacute; tr&#7883; kh&oacute;a c&#7911;a Stellar. Ngu&#7891;n: <a href="https://defillama.com/chain/stellar?stablecoinsMcap=false&amp;currency=USD&amp;chainTokenPrice=true" target="_blank" rel="noreferrer noopener nofollow">DefiLlama</a>

S&#7921; k&#7871;t h&#7907;p gi&#7919;a c&aacute;c ph&aacute;t tri&#7875;n c&#7911;a t&#7893; ch&#7913;c, n&acirc;ng c&#7845;p t&#7853;p trung v&agrave;o quy&#7873;n ri&ecirc;ng t&#432; v&agrave; h&#7895; tr&#7907; k&#7929; thu&#7853;t m&#7841;nh m&#7869; t&#7841;o c&#417; s&#7903; &#273;&#7875; nh&agrave; &#273;&#7847;u t&#432; <a href="https://vn.beincrypto.com/stellar-xlm-price-outlook-for-november-2025/" target="_blank" rel="noreferrer noopener">mong &#273;&#7907;i s&#7921; ph&#7909;c h&#7891;i c&#7911;a XLM</a> khi n&#259;m k&#7871;t th&uacute;c.