Plasma stablecoin chain launches on mainnet with $2B liquidity
Plasma, a blockchain designed for stablecoins, went live on mainnet with $2B in USD₮0, backed 1:1 by Tether (USDT) on Ethereum.
Launched on September 25, the platform uses LayerZero to connect over 14 blockchain networks. Per the project’s press release, Plasma is designed to solve common stablecoin problems like variable fees and slow transaction times on regular blockchains. Its PlasmaBFT consensus is designed for quick, predictable transfers.
Alongside USD₮0, an omnichain version of Tether Gold (XAU₮0) is also live, adding gold-backed liquidity to the network. Earlier this week, Plasma introduced “Plasma One,” a stablecoin-native neobank that lets users spend USDT directly while earning yield and up to 4% cashback. The service offers both virtual and physical cards accepted by over 150 million merchants across more than 150 countries.
Alongside USD₮0, an omnichain version of Tether Gold (XAU₮0) is also live, adding gold-backed liquidity to the network. Earlier this week, Plasma introduced “Plasma One,” a stablecoin-native neobank that lets users spend USDT directly while earning yield and up to 4% cashback. The service offers both virtual and physical cards accepted by over 150 million merchants across more than 150 countries.
Plasma was founded in 2024 and is backed by Bitfinex, Tether’s sister company, and Peter Thiel's Founders Fund. The company has raised a total of $24 million in funding, including a $3.5 million seed round and a $20.5 million Series A round. The project gained significant attention in July 2025, when it conducted a public sale of its native token XPL, used for transaction fees and network security.
According to Plasma, stablecoin infrastructure has been fragmented, with separate liquidity pools, wrapped tokens, and networks not optimized for stablecoins. The project says USD₮0 and Plasma aim to change this by creating a more scalable and connected framework.
XPL was launched on September 25 alongside the mainnet, ranking among the top 100 cryptocurrencies by market cap, according to CoinMarketCap. At the time of writing, XPL has a market cap of $1.3 billion and a trading volume of over $494 million. The token trades at $0.70, down 54.5% from its record high of $1.59.
According to Plasma, stablecoin infrastructure has been fragmented, with separate liquidity pools, wrapped tokens, and networks not optimized for stablecoins. The project says USD₮0 and Plasma aim to change this by creating a more scalable and connected framework.
XPL was launched on September 25 alongside the mainnet, ranking among the top 100 cryptocurrencies by market cap, according to CoinMarketCap. At the time of writing, XPL has a market cap of $1.3 billion and a trading volume of over $494 million. The token trades at $0.70, down 54.5% from its record high of $1.59.
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