I think many people discussing XPL actually started off on the wrong track.
Everyone is focused on whether the coin price has risen or not, but very few think -
If stablecoins really are the future, what is needed to support them?
The asset that is truly being widely used on-chain every day is actually just one: USDT.
Not for speculation, but for transfers, settlements, and cross-border transactions.
The problem happens to lie here.
Stablecoins are available, but the channels are too poor.
Ethereum is expensive, and general public chains are not designed for high-frequency payments.
It is awkward to let a chain that 'wants to do everything' handle 'thousands of transactions every day.'
The position of XPL is actually here.
It does not compete for the ecosystem, nor does it talk about grand narratives.
Just focus on one thing - stablecoin transfers.
Zero fees, fast confirmation, specifically designed for USDT transaction volume.
To put it bluntly, it resembles a payment network more than an investment target.
This is also why a strange phenomenon can be seen on-chain:
Many addresses hold a large amount of USDT but hardly hold XPL.
This doesn't make sense in speculation logic,
But in the logic of 'settlement channels', it makes sense.
Money is meant to be used, not to be gambled.
If we consider stablecoins as cash on-chain,
Then XPL resembles a clearing layer rather than the bank itself.
Its position is not about 'how many times you earn,'
But rather 'how many transfers will go through it in the future'.
Of course, its current problems are also quite obvious.
High FDV, significant unlocking pressure, and prices are easily swayed by emotions.
But regarding positioning, I think it has already positioned itself correctly.
Stablecoins are expanding,
On-chain payments are accelerating,
The settlement layer will eventually be singled out.
When everyone realizes this,
What may be discussed is no longer the coin price.
And who stands in the middle of the corridor.
