Plasma, a new blockchain built for stablecoins, launched its mainnet beta today along with its native token XPL.
This blockchain uses its own custom consensus system called PlasmaBFT to process transactions as quickly as possible and even allow fee-free transfers of USDT which sets it apart from its competitors.
At launch, the project integrated with over 100 decentralized finance apps, including Aave, Ethena, Fluid, and Euler, while attracting $2 billion in stablecoins on day one, placing it in the top ten blockchains by liquidity.
The XPL Token and Its Market Debut
The XPL token started trading on platforms like Uniswap and PancakeSwap around $1, and briefly hit $1.54 before falling to $1.03. On other exchanges like Binance, Bitfinex, OKX, and Bitget, the price started trading near 0.70. At the time of writing, the market value is about $1.91 billion, with a full value of $10.3 billion if the total supply is counted.
The total supply of XPL is 10 billion, with 1.8 billion already circulating, though tokens held by U.S. participants will remain locked until July 2026 due to regulatory rules.
10% has been set to be sold to the public, while 40% percent will go to growing the ecosystem. The rest is split between the team and early investors.
Airdrop for Early Participants and Products
Meanwhile, Plasma also surprised early depositors with a bonus airdrop worth $9,639 in XPL. This is regardless of how much they invested. So far, about 25 million XPL was airdropped in total, worth around $25.4 million at price launch.
On social media X, users said this is generous and would bring even more interest to the project.
Two new products came with the launch. One is Swarm, a a decentralized finance platform that offers nice tokenized stocks under European regulation, which gives holders legal rights over real-world assets
Another product is Plasma One, a stablecoin-native neobank designed for regions like the Middle East, and offers a digital dollar card with up to four percent cashback on everyday spending.
Plasma has gained strong backing from major names, including Paolo Ardoino, CEO of Tether, and Peter Thiel, co-founder of PayPal, who also serve as advisors to the project.
In a X post following the launch, Chief Executive Officer Paul Faecks said the team put “everything they had into making Plasma the perfect home for Money 2.0.”
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