To be honest, the stablecoin transfer sector has long been crowded with players like Tron, Solana, and Ethereum L2 competing for dominance. However, $XPL is a bit different: it launched its mainnet with support from 2 billion USD in stablecoins, backed by Tether and Founders Fund, and is preparing to bring in over 100 DeFi partners, including Aave and Ethena, which directly provides it with utility and liquidity.

The competitive landscape is certainly fierce, but with this layer of resource moat, $XPL will not at least fall into the category of "air chain" in its initial phase. The only question is whether it can really scale and siphon stablecoins away from Tron or Solana.