Stablecoins have become a core pillar of global digital finance. USDT, as the largest stablecoin by market capitalization, has a total supply exceeding $245 billion, accounting for about 62% of the stablecoin market. However, with the rapid development of blockchain technology, the issuance and circulation of USDT have become highly fragmented, distributed across at least 11 major blockchain networks, including Tron, Ethereum, BSC, Solana, Plasma, Arbitrum, Polygon, Avalanche, Aptos, TON, and others. This multi-chain model expands the application scenarios but also brings significant pain points: dispersed liquidity, high costs of cross-chain transfers, inefficiency, and bridging risks.

According to the latest data, Tron and Ethereum dominate USDT supply, accounting for approximately 35% and 59% respectively. Multi-chain fragmentation leads to the value and availability of the same asset being not completely equivalent on different chains, with users facing high gas fees, delays, and slippage issues when crossing chains. The total supply of stablecoins has exceeded $300 billion in 2025, but effective liquidity is difficult to aggregate, affecting DeFi and payment efficiency.

TVL distribution:

- Ethereum: 870 (35.5%), mainly used for DeFi and institutional settlement
- Tron: 830 (33.9%), dominated by retail payments and emerging markets
- BSC: 150 (6.1%)
- Solana: 120 (4.9%)
- Plasma: 70 (2.9%), the fourth largest network, with rapid growth in TVL
- Other chains account for approximately the remaining share

The total USDT TVL across the network is approximately $104 billion, with the top five chains accounting for over 80%, showing a significant head effect, but fragmentation has exacerbated capital inefficiency, with overall DeFi TVL expected to decline by 21.2% in 2025.

The main pain points of multi-chain issuance include: liquidity fragmentation causing price deviations; high risks of cross-chain bridging; regulatory fragmentation affecting asset homogeneity; ecological islands hindering institutional-level applications such as cross-border settlement and RWA integration, especially in emerging markets like Turkey and Argentina, where users find it difficult to efficiently transfer funds.

In this context, Plasma has emerged as a dedicated Layer 1 blockchain for new stablecoins. It supports over 1000 TPS, zero-fee USDT transfers, sub-second finality, and complete EVM compatibility. By natively integrating USDT0, it achieves seamless bridging and liquidity aggregation from multiple chains like Ethereum and Tron. Since its launch in 2025, Plasma has attracted over $7 billion in stablecoin deposits, with a TVL of approximately $3.4 billion and bridging TVL reaching $7.26 billion, becoming the fourth largest USDT balance network. It absorbed $4 billion in deposits on its first day and integrated with Bitget Wallet, NEAR Intents, etc., supporting large settlements and ecological incentives.

Although the stablecoin market is flourishing, the multi-chain fragmentation of USDT and uneven TVL have become shackles to development. Plasma effectively alleviates these pain points by focusing on stablecoin infrastructure, zero-friction transfers, and efficient settlements. As the total market value of stablecoins approaches $3 trillion, its model is expected to become an industry paradigm, driving the transformation of digital dollars from financial middleware to a global everyday payment tool.

 @Plasma $XPL #Plasma