This sounds exaggerated, but if you think about it, this statement is not without basis.
Because in this cycle, there are actually very few narratives with 'real applications.'
And stablecoins are almost the only scenario that has been repeatedly validated.
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Let's first look at the real world.
Visa processes over $10 trillion in transactions a year.
It does not create money and does not take on risks,
Only doing one thing—payment clearing and settlement channels.
And in the crypto space, those that truly take on the 'payment role' are,
Neither BTC nor ETH,
but stablecoins, especially USDT.
Cross-border remittances, e-commerce settlements, fund transfers, gray production,
Every day there is a large amount of real capital flowing on-chain.
Stablecoins are already the 'cash' on the chain.
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The question arises:
Cash is available,
Where is the settlement network?
Ethereum is too expensive,
Solana occasionally gets congested,
Most public chains are not born for 'high-frequency payments.'
And the positioning of XPL just fills this gap.
It does not create a general ecosystem,
No grand narratives,
Only focus on one thing:
Make stablecoin transfers faster, cheaper, and even close to zero cost.
This is exactly the problem Visa solved in traditional finance.
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This is also why Twitter influencers often talk about it at the beginning of the project's launch:
Stablecoins are the largest application in the crypto world.
The stablecoin settlement layer is the real infrastructure.
XPL is not competing with ETH,
It is doing the 'on-chain settlement channel.'
What it wants to eat is not the炒币 capital,
But rather payment traffic.
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This can also be seen from the on-chain data.
After the mainnet launch, a large amount of stablecoins quickly flowed in,
TVL surged to the top of the network in a short time.
This capital is not for mining, nor for speculation,
But it is simply placed there waiting to be used.
This is a very rare signal in the crypto circle$XPL .
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Of course, XPL is not perfect.
High FDV, unlocking pressure, and severe price fluctuations,
These problems do exist.
But judging whether a narrative is successful,
It has never been about its short-term rises and falls,
But it is about—whether it has been repeatedly referenced by the market.
The current XPL has already been discussed repeatedly:
How to settle in the stablecoin era?
Who will carry on-chain payments?
Who might become the 'Visa of the crypto world'?
These problems will eventually circle back to it.
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Perhaps XPL will not become the final winner,
But it has already accomplished one thing:
Push the narrative of 'on-chain payment infrastructure,'
Truly pushed into the mainstream view.
And when a project,
When it began to be compared to Visa, SWIFT, and PayPal,
It is no longer just an ordinary altcoin.
This is exactly where it is the most terrifying and also the most imaginative.
