The stablecoin sector may usher in a new round of expansion by 2026. With the potential liquidity release from the Federal Reserve's rate cut cycle, trillions of dollars need to find new containers. Projects focused on cross-border payments are becoming the market's focus.

The core concept of the XPL project is not new—zero fees and instant settlement provide an attractive experience, especially for cross-border transfers where pain points exist. From a fundamental perspective, a TVL lock-in of $3 billion and support from leading institutions like Tether and Aave indicate that the project has at least gained recognition at the capital level. Particularly, the 10% deposit yield model introduced by Plasma One, if truly implemented and operationalized, could become a killer product to attract users.

However, the reality is tilting the balance. The price decline from $1.6 to $0.14 reflects market indifference—no matter how compelling the story, if the token price doesn't rise, retail investors won't believe. On-chain activity is also an old problem; aside from lending functions, the ecosystem's vitality is clearly insufficient. More troubling is the large unlock of 250 million tokens in July this year, exerting significant selling pressure from VC investors—who can withstand such a sell-off?

The current dilemma is clear: hold and wait for a turnaround, or cut losses in time to avoid going to zero? Many in the community have already described this project as "drawing a pie" (making empty promises). But in the long-term track, the stablecoin ecosystem indeed needs more diverse participants. Whether XPL can seize this window depends on its upcoming execution capability.