Think from another perspective, the XPL project is actually conducting a very interesting experiment — whether stablecoins can truly leave the greenhouse of exchanges.

You see, there are now countless USDT and USDC, but most of the time they are just sitting in exchanges gathering dust. Plasma didn't follow the trend of promoting public blockchains; instead, it focused on this real-world problem: why can't these stablecoins just get out of exchanges?

XPL's approach is straightforward — make stablecoin transfers sufficiently simple, fast, and cheap, to the point where you hardly notice the transaction fees. It sounds ideal, but there's a chicken-and-egg problem: whether the technology can achieve this is one thing, but whether users are willing to change their habits is another. Honestly, for most people, storing money in exchanges is easier, and the need to transfer coins onto the chain for use is not urgent.

So, looking at XPL now, rather than saying it's a successful project, it's more like making a big bet — betting whether stablecoins will one day truly become "everyday payment money," rather than just tools for trading and arbitrage. Before this question is proven by reality, everything is still in the exploratory stage. That's also why so many people are paying attention to it, because it’s actually answering a question about the future.