The single biggest catalyst that would flip
$XPL from an incentive-driven DeFi chain to a potential Solana-style institutional rail is direct USDT minting on Plasma.
Right now, most of Plasma’s TVL is either bridged stablecoins or seeded capital and incentives.
If Tether mints USDT natively on Plasma, that capital is born on Plasma; no bridge risk, no extra friction, and far stickier liquidity.
Wherever Tether mints natively, that chain tends to dominate stablecoin usage (e.g. Tron has $50B+ USDT TVL mainly because Tether issues directly there).
Waiting until Tether officially mints on Plasma