Plasma Mainnet Launches With XPL Token and $2B in Stablecoin Liquidity

The stablecoin space just welcomed a new entrant with the launch of Plasma’s mainnet and its native token, XPL.

The project positions itself as a blockchain designed specifically for global money movement, debuting with more than $2 billion in stablecoin liquidity, zero-fee USDT transfers during rollout, and integrations across over 100 DeFi protocols.

Plasma’s launch and token distribution

Plasma introduces a custom consensus system called PlasmaBFT, which is designed to handle high-throughput stablecoin transactions.

To encourage early adoption, the network will allow fee-free USDT transfers through its own products during the initial phase. The chain is EVM-compatible, making it easier for developers and users to plug into existing Ethereum-based tools and apps.

At launch, Plasma partnered with major DeFi names including Aave, Ethena, Fluid, and Euler. Liquidity was front-loaded through community campaigns earlier this year: a June deposit drive reached its $1 billion cap in just over 30 minutes, and a $50 million public sale was oversubscribed by $323 million.

A separate Binance Earn on-chain product featuring Plasma’s USDT hit a $1 billion cap, which the team says was Binance Earn’s largest campaign to date.

XPL, the network’s native token, underpins validator incentives and governance. Roughly 10% of the supply was sold in the public sale, with additional tokens distributed to community members, depositors, and contributors through the Stablecoin Collective program.

The token quickly reached a fully diluted valuation of around $8 billion on Hyperliquid, signaling strong market interest.

Expanding beyond infrastructure

Beyond its base layer, Plasma is rolling out Plasma One, a stablecoin-native consumer app designed to function like a “neobank” for saving, spending, and sending digital dollars. The app is expected to launch later this year, forming part of Plasma’s broader strategy to support everyday stablecoin use.

CEO Paul Faecks framed the mission around expanding access to dollars globally: “Stablecoins are Money 2.0. Universal access to the dollar, regardless of local realities, should widen investment opportunities.”

Plasma’s roadmap emphasizes integration into local markets, peer-to-peer networks, and merchant channels, positioning stablecoins as daily money, not just trading instruments.

In an interview with blocmates, Faecks highlighted his strong belief in stablecoins going mainstream, noting: “I think we will have real global commerce moving onto stablecoin rails,” pointing to the likes of Stripe.

Other Related Read/Listens

• Plasma: Merging Two of Crypto's Strongest PMFs
• What Is Plasma? The Chain Making Stablecoin Transfers Seamless: A blocmates Guide
• Plasma’s $1B Deposit Cap Fills in 30 Minutes, What’s Behind the XPL Token Frenzy