XPL is worth ~$1.6B

Stable is already ~$1.9B

Despite nearly identical tokenomics. The difference? Stable never had a retail round which means no immediate sell pressure, but also no actual community exposure. Only insiders are up.

And unlike XPL, which ties value to usage through inflation + gas, $STABLE doesn’t collect gas fees (not that I think it matters but calling it out). It’s a fixed-supply governance token while USDT0 captures the economic engine.

So in a market where we clown alt-L1s, where stablecoins don’t even need their own chains, and where XPL’s “down only” chart has burned everyone… why would anyone buy either of these at multi-billion valuations?

What’s the value accrual? What are we betting on?

My gut says just buy Tether on IPO or Circle for USDC/Arc or stick to banking stocks that will push stables beyond any of these.