As of February 1, 2026, the Layer-1 public chain Plasma (XPL), focused on stablecoin payments, continues to promote ecosystem construction amid market fluctuations, with differentiated developments in market performance, technical advantages, and regulatory layout.
In terms of market conditions, XPL is currently priced at $0.1031 (approximately ¥0.7172), which is still low compared to the historical high of $1.6877, with a 24-hour decline of 16.52%. The declines over 7 days and 30 days are 16.72% and 37.11%, respectively, indicating significant short-term market pressure. However, the circulating market value remains at $10.31 billion (approximately ¥73.6 billion), with a 24-hour trading volume of $81.755 million and a turnover rate of 44.10%, showing active liquidity. It is noteworthy that in January, a whale address built a long position at an average price of $0.1895, indicating that some institutions still have confidence in its long-term value. Currently, the total supply of XPL is 10 billion coins, with a circulating supply of 1.8 billion coins, leading to a circulation rate of 18%. A key unlocking event is expected in July 2026, including a linear release of 250 million coins for U.S. public sale participants and 2.5 billion coins for early team investors, which may pose short-term pressure on the market.
In terms of ecological layout, Plasma stands out with its differentiated positioning. Its core Paymaster mechanism enables USDT zero-fee transfers in seconds, supports direct payment of Gas fees with multiple assets, significantly lowers user thresholds, and processes over 20 million stablecoin transactions daily. Since the mainnet launched in September 2025, it has integrated the Near Intents cross-chain protocol, covering over 25 public chains and 125 assets, capturing 39% of cross-chain stablecoin traffic, and holding a 20% share of deposits in the DeFi lending market outside of Ethereum, forming a tripartite balance with Base and Solana. Currently, the peak monthly active users in the ecosystem have reached 2 million, with a total value locked (TVL) that has once reached 5.6 billion dollars; although it has seen a decline, it still maintains strong competitiveness and has attracted leading DeFi protocols such as Aave and Curve.
In terms of compliance and technology, Plasma completed the transfer of token custody rights to the U.S. federally chartered crypto bank Anchorage in November 2025 and obtained the Italian VASP license, adapting to MiCA regulations, with compliance continuously improving. In 2026, it will activate the PoS validator network, offering 3%-5% annual staking rewards while advancing the decentralization process to improve the current concentration of validator nodes. Additionally, its payment card, in collaboration with Rain Cards, has covered 150 countries and 150 million merchants, enabling stablecoin offline consumption and building a payment closed loop of "on-chain + offline."
Overall, XPL faces short-term market fluctuations and unlocking pressures, but with its core technological advantages such as zero-fee payments and cross-chain compatibility, as well as solid compliance foundations and ecosystem implementation, it still possesses long-term growth potential. The activation of the staking mechanism and the promotion of decentralization in 2026 will become key variables for it to break through industry competition.
