I had to demo 36ft of basement wall due to a water damage issue, and was set on doing it properly with 2in XPS while maintaining the existing wall thickness due to existing clearances.

Ended up going with 2x3 studs mounted flat on the XPS foam. To account for deflection if loads are added to the wall, I slapped two 5in tapcons through each stud.

Run electric through the joists and down between studs. Can add additional 1in insulation if desired.