Plasma has officially launched its Tether-backed mainnet, sending its native token XPL soaring 58% within a single day. The blockchain’s integration with Binance, Aave, and Chainlink is strengthening its position in the stablecoin-focused decentralized finance (DeFi) market.
According to CoinMarketCap, XPL climbed from $0.74 to $1.42 before trading at $1.28 at the time of writing. The token’s market cap hit over $2.17 billion, with trading volumes spiking more than 18,000% in just 24 hours.
Binance, Aave, and Chainlink fuel adoption
The world’s largest exchange by trading volume, Binance also launched Plasma USDT locked product on its Earn feature with Aave lending integration. This will allow over 280 million Binance users to generate yield through Plasma USDT, and its adoption will increase immediately.
Chainlink also confirmed support for Plasma. Its CCIP, Data Streams, and Data Feeds now have default compatibility with the blockchain, with a special XPL/USD data stream. This will make developers create safe and effective DeFi markets on XPL on 40+ blockchains.
Tether brings stability to plasma
Tether has already released its USDT0 and XAUT0 tokens on Plasma, and it is the leading blockchain by the supply of USDT0. Plasma has robust support, and it is establishing itself as a stablecoin and tokenized asset hub in the future.
The high growth in the price of XPL is a sign of high demand by the retail and institutional investors. Nevertheless, there are also risks that are pointed out by such sharp growth. The long-term perspective of XPL could be influenced by high volatility, changing regulations, and competition with other blockchains.
Plasma’s mainnet launch, backed by Tether and supported by Binance, Aave, and Chainlink, marks a major milestone in DeFi. While early momentum is impressive, investors should remain cautious as the token is still new, and risks remain in both regulation and market stability.
Also Read: Plasma Blockchain Launches Mainnet Beta and XPL Token
