# stablecoins — X 热门讨论 (2026-09-22 00:33 UTC)
## @thebu11runner (Bu11runner) · 09-21 21:38 · ♥49 ↻4 💬5 I think the biggest hurdle for $XLM is value capture
the rail is busy (payments, ~$900M stablecoins, ~$3.3B RWAs) but tiny fees and no native staking mean usage does not force people to hold #XLM. https://x.com/thebu11runner/status/2102150427584139641
## @Jamie1Coutts (Jamie Coutts CMT) · 09-21 23:47 · ♥44 ↻4 💬4 We have never seen an altcoin-led crypto recovery off the lows before. I have been writing about the 'shift' at @RealVision this year. This is the thesis
For a decade, crypto's entire focus was scaling the tech to onboard global finance. Token value was an afterthought, and where it wasn't an afterthought, it was actively suppressed. A hostile SEC made sure good teams and good founders never touched anything that looked like designing a token to accrue value, because that looked like a security. Tokenholders ate it. Retail died. Developers left.
Then Ethereum gas fees topped $100 a transaction in 2021 and rang the top of that market. Scaling became the only thing that mattered. The industry delivered. We now have an oversupply of blockspace and transaction costs near zero, but that fight also produced an oversupply of protocols and tokens, diluting attention and value across the board. A wave of teams is now correcting for it: Hyperliquid's buybacks have compressed $HYPE supply ~7% in 90 days, Aerodrome has routed over $190M in fees back to lockers this year, Jupiter and NEAR have cut inflation and turned on buybacks of their own. That list is growing every month.
Pair that with real demand. Tokenized real-world assets, ex-stablecoins, sit at $32.6B, up from ~$21B at the start of the year, through a tape where crypto prices were cut in half. Scaling was the story of the last cycle. Supply discipline meeting real demand is the story of this one. https://x.com/Jamie1Coutts/status/2102182955556962586
## @serg71kz (Сергей Грушин) · 09-21 19:02 · ♥41 ↻0 💬4 Making stablecoins my everyday spend with @raycashxyz. Join me: https://t.co/HcBaIV59kX https://x.com/serg71kz/status/2102111299861647671