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XLM TLDR: Contents
Core Points:
- Stellar is delving into the field of payment infrastructure.
- The rise of stablecoins has raised questions about XLM demand.
- Several possible scenarios for the future role of XLM.
BVNK integrates Stellar into its cross-border payment platform, covering more than 130 commercial markets around the world. USDT0 is now available on the Stellar network, allowing companies to transfer U.S. dollar funds without directly holding or using XLM. U.S. Bank has also piloted its stablecoin USBDC on the Stellar network for settlements from North America to Europe.
Stellar's growth does not necessarily lead to an increase in demand for XLM, because stablecoins can bypass native tokens and flow.
XLM is at the center of an increasingly heated debate as Stellar moves beyond simple payment features. The latest integration cases from BVNK, Bank of America, and stablecoin USDT0 show that Stellar is moving in the direction of institutional-level settlement and asset tokenization. However, these developments also raise another question: Can the growth of Stellar's network translate into stronger demand for XLM itself? Or, can the blockchain succeed even if its native tokens have less effect?
Stellar expands payment infrastructure
Stellar has long focused on fast, low-cost payments rather than universal smart contracts. Today, this focus is gradually shifting to institutional use cases.
据加密评论员 @SylvianGuibal 在 X 平台上分享的分析，2026 年 9 月 22 日，BVNK 宣布将其稳定币支付平台与 Stellar 整合。目前，遍布 130 多个市场的企业客户可以利用 Stellar 进行跨境支付、商户付款和国库转账。
与此同时，USDT0 已在 Stellar 上正式上线，将该网络连接到跨多链的统一 USDT 流动性中。这使得企业能够在国际间转移数字美元，而无需直接持有 XLM。此外，美国银行也利用 Stellar 试点了其自有稳定币 USBDC，用于其北美和欧洲实体之间的跨境结算。
这些举措指向一个趋势：Stellar 正将自己定位为代币化金融的基础设施，而非仅围绕 XLM 交易构建的网络。机构用户似乎更关注稳定币结算的速度和成本，而非保障底层网络的安全代币。
稳定币引发对 XLM 需求的质疑
Stellar 上不断增长的稳定币活动并不自动转化为对 XLM 需求的增加。一家通过 Stellar 转移资金的公司可能完全依赖 USDC 或 USDT0 等稳定币进行结算。交易价值以数字美元计价，而非 XLM。
这种区别在于网络效用与代币价值捕获的不同。随着基础设施的发展，Stellar 可以变得更加有用，而 XLM 的直接角色可能仅限于支付费用和满足账户要求。
XLM 对于网络运营仍然是必要的，因为它覆盖了交易成本并支持 Stellar 上的账户功能。然而，随着稳定币规模的扩大，是否会创造成比例的 XLM 需求仍不清楚。追踪该网络的分析师指出，基础设施增长与代币需求之间的差距可能会塑造 XLM 未来的发展轨迹。
XLM 未来角色的几种可能情景
随着 Stellar 机构采用的持续深化，XLM 面临多种可能的结果：
情景一：Stellar 成为主要的稳定币结算通道，而 XLM 的需求保持相对平稳。交易量可能会上升，但代币的使用量并未同步增加。
情景二：更广泛的网络增长推动了 XLM 在费用、储备和流动性功能中的使用。Stellar 上更多的账户和应用可能在长期内为代币创造更一致、直接的需求。
情景三：XLM 作为货币和稳定币之间的流动性桥梁，承担更大的角色。除了价格走势外，同时追踪支付量、稳定币供应量、机构采用率以及 XLM 的实际利用率，可能会提供更清晰的信号。
