When it comes to stablecoin public chains, compliance issues are always a hurdle that cannot be bypassed. XPL has stumbled over this problem—differences in cross-border regulatory standards, difficulties in implementing technical decentralization, concerns over centralized orderers... These are all issues that keep project teams awake at night.

So how does XPL withstand these challenges? First, by taking proactive steps—applying for regulatory licenses in multiple countries. This means the project has to adapt its business model within different legal frameworks. It sounds complicated, but this is currently the most pragmatic approach. Second, on the technical side, promoting the decentralization of the orderer—simply put, ensuring that transaction ordering rights are no longer controlled by a single entity, which can significantly reduce centralization risks.

In terms of asset security, efforts have also been made. Using Bitcoin anchoring technology to strengthen the credibility of asset reserves is like providing users with double insurance for their funds. At the same time, establishing an independent foundation governance framework to isolate risks from related parties through institutional measures—while not perfect, it at least introduces constraints. Regular disclosure of compliance progress also reassures the market and regulators.

In essence, XPL’s approach is to continuously test and adjust between regulatory boundaries and innovation space. It’s not about completely yielding nor fighting head-on, but about finding a middle ground that can barely be navigated. This practical approach offers valuable lessons for the compliant development of the entire stablecoin public chain track.