As of February 1, 2026, the Layer-1 public chain Plasma (XPL), focused on stablecoin payments, continues to advance its ecosystem construction amid market fluctuations, with its market performance, technological advantages, and compliance layout showing differentiated development trends.
In terms of market performance, XPL's current price is $0.1031 (approximately ¥0.7172), still at a low level compared to its historical high price of $1.6877, with a 24-hour decline of 16.52%, and declines over 7 days and 30 days reaching 16.72% and 37.11%, respectively, indicating significant short-term market pressure. However, the circulating market capitalization remains at $1.031 billion (approximately ¥73.6 billion), with a 24-hour trading volume of $81.755 million and a turnover rate of 44.10%, indicating active liquidity. It is noteworthy that in January, whale addresses have built long positions at an average price of $0.1895, showing 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, resulting in a circulation rate of 18%. In July 2026, a key unlocking event will occur, including the 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 achieves zero-fee USDT transfers in seconds, supports multi-asset direct payment of gas fees, significantly lowers the user threshold, 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% deposit share in the DeFi lending market outside of Ethereum, forming a tripartite competitive landscape with Base and Solana. Currently, the ecosystem has reached a peak of 2 million monthly active users, with TVL once hitting 5.6 billion USD. Although there has been a decline, it still maintains strong competitiveness and has attracted top-tier DeFi protocols like 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 an 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 promoting the decentralization process to improve the current situation of concentrated validation 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 'on-chain + off-chain' payment closed loop.
Overall, although XPL faces short-term market fluctuations and unlocking pressures, it still possesses long-term growth potential due to its core technological advantages such as zero-fee payments and cross-chain compatibility, along with a solid compliance foundation and ecological implementation. The activation of the staking mechanism and the promotion of decentralization in 2026 will become key variables for breaking through industry competition.$XPL