Plasma Partners with Binance to Launch USDT Yield Product and XPL Token Airdrop

Plasma, a stablecoin-focused blockchain startup, has teamed up with Binance to launch a new yield-generating product tied to its upcoming XPL token. The initiative, called the Plasma USDT Locked Product, went live on Binance’s On-Chain Yields platform on August 20, 2025, and hit its $250 million subscription cap in less than an hour.

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How the Plasma USDT Locked Product works

The product allows users to lock up USDT to earn daily USDT rewards while also becoming eligible for an XPL token airdrop. A total of 100 million XPL tokens (1% of the token’s supply) will be distributed to participants after Plasma’s token generation event (TGE).

Binance is tracking user balances through daily snapshots, with reward distribution based on each participant’s share of the total subscription pool. Notably, early redemption does not erase accrued rewards, and previously recorded snapshots will still count toward XPL allocations.

The program operates on a first-come, first-served basis with a cap set at 250 million USDT, though both Binance and Plasma have indicated the possibility of raising the limit in the future.

$250M in USD₮ filled in less than an hour on @Binance Earn. Caps may be raised again soon.

Plasma will launch with over $1B in stablecoin TVL, the largest launch our industry has ever seen.

Trillions. https://t.co/25l19YiW3B

— Plasma (@PlasmaFDN) August 20, 2025

Plasma’s growing momentum

Plasma has quickly become one of the most talked-about projects in the stablecoin sector. The blockchain emphasizes no-fee USDT transfers and has already attracted backing from prominent investors including Peter Thiel, Tether CEO Paolo Ardoino, and Framework Ventures. Earlier this year, Plasma raised $373 million in a heavily oversubscribed public token sale and secured $1 billion in USDT deposits in June.

The new collaboration with Binance marks a significant step for the project as it prepares for the launch of its native token. However, Binance emphasized that the presence of XPL in Binance Earn products does not guarantee a listing of the token on its exchange.

With the rapid uptake of the USDT Locked Product, the launch underscores both investor appetite for stablecoin yield opportunities and the strong anticipation surrounding Plasma’s entry into the market.