Recently, stablecoin giant Tether launched its own public chain XPL, attracting widespread attention in the Crypto Assets market. As a leading enterprise in the stablecoin sector, Tether's move undoubtedly injects new vitality into the entire industry.

However, industry insiders are cautious about the value capture capability of the XPL token. Currently, the fully diluted valuation (FDV) of XPL is approximately $9 billion, while the FDV of another well-known stablecoin public chain ENA is $8 billion.
Interestingly, the market capitalization of stablecoins supported by ENA is around $12 billion, while Tether's USDT has a market capitalization of up to $170 billion. This comparison has sparked in-depth thinking in the market about the valuation of XPL: is ENA overvalued, or is XPL undervalued?
Analysts point out that although XPL is backed by the strong support of Tether, the development of its ecosystem still takes time. In contrast, ENA has already established a relatively mature ecosystem. Therefore, simply judging the value of a public chain based on the market value of stablecoins may be too one-sided.
In the future, the development of XPL will largely depend on its ability to attract more developers and projects, as well as how Tether can leverage its own advantages to empower XPL. The market generally believes that the long-term prospects of XPL are promising, but it may need more time in the short term to prove its value.
As the Crypto Assets market continues to mature, the competition among public chains will become increasingly fierce. When investors follow emerging projects such as XPL, they should comprehensively consider various factors such as technological innovation, ecosystem development, and team background, rather than simply relying on straightforward data comparisons.