Stablecoin-focused Layer 1 Plasma goes live introducing XPL token and DeFi integrations

Stablecoin-focused Layer 1 blockchain Plasma has launched its mainnet and native XPL token, introducing zero-fee USDT transfers via a custom consensus called PlasmaBFT, along with over 100 DeFi integrations.

Plasma bills the new network as purpose-built for global money movement. The team stated that they built an EVM-compatible chain, allowing users to send USDT without fees during the initial rollout. Partners at launch include Aave, Ethena, Fluid, and Euler, among others.

As The Block previously reported, the network debuts with over $2 billion in stablecoin total value locked, making Plasma among the top 10 largest blockchains by stablecoin liquidity at launch. XPL also reached a fully diluted valuation of over $8 billion on platforms like Hyerliquid.

“Stablecoins are Money 2.0,” CEO Paul Faecks said, adding that universal access to the dollar regardless of local market realities should widen investment opportunities.

The rollout follows months of community campaigns that helped preload liquidity. Plasma said a June deposit drive hit a $1 billion cap in just over 30 minutes. An initial $50 million public sale was oversubscribed by $323 million, and a Binance Earn on-chain product for Plasma USDT reached a $1 billion final subscription cap, which the company characterized as the exchange’s largest such campaign to date.

Today's launch also advances Plasma’s consumer strategy via Plasma One, a stablecoin-native “neobank” app for saving, spending, and sending digital dollars. Unveiled earlier this week, it's set to go live sometime later this year.