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XLM Stellar's expansion in the institutional payments field raises questions about the growth in demand for XLM
Stellar, an open-source blockchain network designed to serve cross-border payments, is gaining popularity among more and more institutional players. Recently, the network announced several new integration plans for global commercial settlements. However, despite the continued expansion of the ecosystem, some market analysts are still concerned: Does the increase in activity on Stellar really translate into increased demand for its native token, XLM?
Stellar's deep integration with global payment networks
London-based financial technology company BVNK recently connected its stablecoin payment platform to the Stellar network. This integration enables more than 130 commercial markets to send and receive cross-border payments through Stellar, and process merchant payments and treasury transfers. The move is part of BVNK's strategy to provide businesses with seamless access to digital dollar liquidity in international settlements.
Meanwhile, stablecoin USDT0 is now live on Stellar blockchain, further enhancing the ease of accessing unified digital dollar liquidity across multiple networks. This enables businesses to make digital dollar transfers worldwide without having to directly hold or trade XLM tokens.
In addition, U.S. Bank used its own stablecoin USBDC to complete a pilot transaction settlement between North American and European branches through Stellar's infrastructure. These integration cases fully demonstrate that Stellar is evolving into a payment network that meets institutional standards.
Popularization of stablecoins and demand for XLM: Complex signals
Stellar 网络上稳定币使用的日益增多，引发了关于 XLM 代币角色演变的新思考。市场参与者和分析师指出，虽然 Stellar 作为基础设施层促进了更多交易，但企业可以使用 USDC 和 USDT0 等稳定币进行结算，而非直接使用网络的原生代币 XLM。
这一现象揭示了网络活跃度与代币价值之间的分化。尽管 XLM 仍用于支付交易手续费和满足基本的账户需求，但对于许多机构用户而言，主要的结算货币仍然是稳定币本身。因此，Stellar 上稳定币交易量的上升，可能并不会带来与之匹配的 XLM 效用增长。
只要大多数商业用户完全使用稳定币进行支付，并将数字美元价值保留在链上，Stellar 作为结算网络的持续效用就不一定能保证 XLM 需求的增加。一些行业研究人员强调，除非出现更广泛的应用增长，否则 XLM 的使用范围可能仅限于覆盖交易手续费和启用账户创建，尽管它在维持网络运行方面依然至关重要。
XLM 角色的潜在情景展望
如果当前趋势持续下去，Stellar 可能会发展成为领先的稳定币传输平台，而 XLM 的需求则保持相对平稳。部分分析师认为，随着网络承载更多的企业用户和应用，XLM 在手续费、储备金和链上流动性方面的用途可能会随时间推移逐渐增加。
另一种可能性是，如果 XLM 成为连接不同数字资产与法币的首选工具，当支付量和生态系统活动与实际代币利用率相一致时，可能会重新激发市场兴趣。目前来看，稳定币供应量、机构采用率以及整体支付活动的趋势，或许比单纯的 XLM 价格走势更能清晰地预示其未来走向。
