Bitfinex-backed Plasma blockchain to launch mainnet and XPL token next week
Plasma, the Bitfinex-backed Layer 1 focused on stablecoin payments, said its long-awaited mainnet beta will go live on Sept. 25, launching with more than $2 billion in total value locked and 100+ DeFi integrations, including protocols like Aave, Ethena, Fluid, and Euler. XPL, the network's native token, will also roll out alongside the L1 blockchain.
The team says the debut would make Plasma the eighth-largest chain by stablecoin liquidity on day one, a claim supported by a $1 billion deposit campaign earlier this summer, an oversubscribed $50 million public sale, and a Binance Earn on-chain product that reached a $1 billion subscription cap.
Plasma’s pitch centers on becoming a go-to stablecoin rail for everyday finance, powering payments, FX, card networks, and on-/off-ramps. Launch-day utility aims at substantial USDT liquidity and the “lowest USDT borrow rates in the industry,” according to the project. The Binance partnership helped seed liquidity ahead of mainnet, while the integration roster is intended to give developers immediate venues for savings and trading.
From launch, users will be able to move USDT with zero fees via authorization-based transfers atop the network’s PlasmaBFT consensus, a press statement shared with The Block stated.
“This is Money 2.0,” Plasma CEO Paul Faecks said, adding that the idea is to provide borderless access to the digital greenback. “Our vision with Plasma is to create a world where everyone gains equal and permissionless access to financial services through the power of stablecoins.
The upcoming launch caps months of build-up. Plasma noted $373 million in commitments during a 10-day oversubscribed token sale in July, driven by demand for the project that plans to subsidize zero-fee USDT transfers and expand stablecoin markets at the protocol level.
Also, the network’s native token XPL later traded above a $4.5 billion fully diluted valuation in pre-markets last month. The crypto’s pre-launch price has reached $0.69 on venues like Hyperliquid, implying a $6.9 billion FDV.
Plasma is entering a competitive stablecoin scene, with networks like Tron and Ethereum jostling for market share. Tron’s governance community recently moved to defend its stablecoin foothold by slashing transaction fees by 60%. Meanwhile, Ethereum’s stablecoin supply has just hit a record $166 billion, mostly comprised of $87.8 billion in Tether’s USDT.
Speaking on the growing "stablechain" narrative, Faecks argued that Tron's decision makes sense given its place as the second-largest network for stablecoin liquidity. However, he opined that fees alone won't drive adoption in the long run.
"Tron already carries a large share of stablecoin transfers, so lowering fees is consistent with defending and growing that position," Faecks told The Block. "However, Plasma plans to compete with more features than just gasless USD₮ transfers, including local market penetration, institutional distribution, and integration with critical payment partners and fintechs. Momentum will be driven by partner integrations and regional market integration, not by fees alone."
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.