Plasma (XPL)
What is Plasma (XPL)?
Plasma is a purpose-built, Layer 1 blockchain designed around stablecoins and global payments. Its native token is XPL.
Here are the core points:
Plasma aims to enable zero-fee USD₮ (Tether) transfers, making stablecoin usage smoother and cheaper.
It offers EVM compatibility, meaning smart contracts built for networks like Ethereum can be deployed on Plasma with little to no modification.
It leverages the security of the Bitcoin blockchain via a bridge approach, aiming for high-throughput, low-cost transactions suited for stablecoin flows.
Token Utility & Ecosystem Role
The XPL token plays multiple roles in the Plasma ecosystem:
Network security & staking: Validators stake XPL to help secure the network and earn rewards.
Gas/fees: While many basic transfers (especially stablecoin transfers) may be gas-sponsored (zero fee), XPL is used for more complex transactions and smart contract operations.
Incentives & growth: XPL is allocated towards strategic growth, ecosystem expansions, partnerships, and so on.
Governance: It may enable token-holders to participate in protocol governance decisions (depending on the design).
Recent Milestones
The project carried out a large token sale: the XPL token sale reportedly attracted about US$500 million in commitment.
When the mainnet beta launched (Sept 25 2025), Plasma had over US$2 billion in stablecoin liquidity/TLV at launch.
XPL initially debuted with a market cap of over US$2.4 billion shortly after launch.
Why It Matters
1. Stablecoin-first infrastructure: Many blockchains are general-purpose and only later adapted for stablecoins. Plasma flips this by designing from day-one for stablecoin payments.
2. Lower friction for users: By enabling zero-fee transfers and not requiring users to hold obscure tokens for gas just to send stablecoins, Plasma reduces a key barrier to mainstream adoption
3. Bridging legacy finance: With its focus on enabling “digital dollars” to move efficiently and global scale in
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