Tether (USDT)-backed stablecoin project Plasma announced that it will launch its mainnet Beta and TGE on September 25.
Accordingly, Plasma will launch its own token, XPL, on September 25 and introduce the mainnet beta.
In the statement, Plasma announced that it will launch with more than $2 billion in total value locked (TVL) and will have more than 100 integrations with leading DeFi protocols such as Aave, Ethena, Fluid, and Euler.
The Plasma team claimed that Plasma will become the eighth largest chain in terms of stablecoin liquidity from day one.
This claim is supported by a $1 billion deposit campaign earlier in the summer, an oversubscribed $50 million public sale, and a Binance Earn on-chain product that reached the $1 billion subscription mark.
“10% of the token supply was sold to community members via public sale, and an additional 25,000,000 tokens will be distributed to small investors with the mainnet beta launch. Plasma previously raised $370,000,000 via a token IPO in July,” Plasma said.
“Our first priority is markets where access to dollars is limited and demand for price-stable value is high, because that’s where the benefits are greatest. Our priority is to make it easier to hold, move, and spend digital dollars,” said Paul Faecks, founder and CEO of dollar-focused stablecoin blockchain Plasma.
Plasma, a layer 1 blockchain project optimized for Tether (USDT), aims to attract users at the mercy of volatile local currencies to compete in the growing stablecoin payments sector.
*This is not investment advice.