Plasma is a layer 1 blockchain built specifically for stablecoin payments, and XPL is its native token. The project aims to make stablecoins a base layer for financial services that anyone can reach from anywhere.
Its mainnet beta went live on September 25, 2025, the same day XPL began trading. The project is led by co-founder Paul Faecks and drew attention for its close ties to the Tether ecosystem.
Plasma's core features are zero-fee USDT transfers and custom gas tokens. Users can pay fees in stablecoins without holding XPL, which simplifies the payment experience.
The chain is compatible with the Ethereum Virtual Machine (EVM), so existing smart contract tools work without changes. It uses a BFT-style consensus designed for fast finality, and its design includes a bridge to Bitcoin.
Data provided by CoinGecko
XPL has a total supply of 10 billion tokens and is used for network fees, staking and validator rewards. Allocations cover the ecosystem, the team, investors and a public sale, and they unlock gradually on a set schedule.
In 2026, large unlocks, including the US public sale portion and team and investor tokens, sharply increased circulating supply. On the ecosystem side, payment, remittance and DeFi services are building on the chain's stablecoin liquidity.
Its narrow focus on stablecoin payments and its free transfers are seen as clear strengths aimed at real payment demand. EVM compatibility also makes it easier for developers to join.
On the other hand, the mainnet has a short track record, and large token unlocks can affect circulating supply. Reliance on specific stablecoin issuers and shifting regulation are also worth weighing, and this overview is not investment advice.
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