Binance Partners with Plasma to Launch First Onchain USDT Yield Product

Plasma, the Bitfinex-backed stablecoin blockchain, has teamed up with Binance to launch the world’s largest centralized exchange’s (CEX) first fully onchain USDT yield product.

The collaboration with Binance Earn began today. Depositors who lock USDT on Binance Earn will split 1% of the supply of Plasma’s upcoming XPL token, and after the token launch, users will continue to earn yield through the product. XPL is the first token to launch through Echo’s ICO arm, Sonar.

Plasma’s blog post emphasizes the importance of distribution for onchain finance to take its next step, and cites Binance Earn’s reach as “a profound opportunity to deliver this onchain yield product into the hands of hundreds of millions of people.”

“Plasma builds the rails. Binance Earn brings the audience. Together, Plasma and Binance will bring the next billion people onchain,” said Plasma.

The XPL token generation event (TGE) does not have a set date, but is expected in the coming months, with initial coin offering (ICO) contributors expected to be sitting on healthy profits as premarket valuations on WhalesMarket have XPL changing hands at a $3.25 billion valuation, more than six times the ICO’s sale price.

The ICO was met with overwhelming demand, raising its deposit cap twice from $250 million to $500 million, and eventually to $1 billion, all of which were filled in just minutes.