Peter Thiel-backed Plasma (XPL) set to be listed on Binance and OKX

XPL, the native token of the layer‑1 blockchain project Plasma, is set to be listed on multiple exchanges, including Binance and OKX, later today.

In a recent announcement, Binance said its Alpha platform will be the first platform to feature the XPL token on Sep. 25. Shortly following the listing on the spotlight section, it will secure a complete spot listing on the main Binance platform at 13:00 UTC with the seed tag applied.

The listing is set to align with the project’s TGE and mainnet beta launch, which will take place on the same day.

Besides Binance, major exchanges that will be listing the token include OKX, Bybit, Bitget, and Gate, among others.

According to Plasma’s tokenomics, the TGE will set the Genesis supply at 10 billion XPL tokens, with an initial circulating supply of 1.8 billion tokens or 18% of the Genesis supply at the time of its Binance listing.

However, it should be noted that Plasma follows an inflationary model where the max token supply is not capped. Inflation begins at 5% of the initial supply in the first year and gradually declines until it reaches a minimum of 3%.

As part of its Binance listing, a total of 75 million XPL tokens have been allocated for community airdrops through the Binance HODLer Airdrops program.

In addition, a separate 100 million XPL tokens (1% of the genesis supply) have been reserved as rewards for users who subscribed to the Plasma USDT Locked Product on Binance Earn’s On-Chain Yields.

Tokenomics data also shows that from the genesis supply, 1 billion tokens were allocated to the public sale, while 40% was set aside for ecosystem growth and strategic initiatives. The rest of the supply is distributed among the team, investors, and other strategic allocations.

Plasma is a stablecoin-native Layer-1 blockchain designed to deliver instant, fee-free payments and scalable DeFi infrastructure for USDT and other digital dollar assets. The network combines elements of Bitcoin’s security model with EVM compatibility, enabling both secure settlement and smart contract programmability.

The project was initiated in 2024 with the vision of making stablecoin transactions as seamless as digital messaging. It has since expanded into a broader ecosystem that includes consumer-facing products such as Plasma One, a stablecoin-based neobank and payments super-app.

At present, Plasma supports fast and costless transfers of stablecoins, yield-bearing instruments such as Maple’s syrupUSDT, and integrations with DeFi protocols to bootstrap liquidity and adoption. Its infrastructure is designed to target emerging markets where stablecoins are widely used as a store of value and medium of exchange.

The project has received backing from prominent investors, including venture capitalist Peter Thiel’s Founders Fund, Framework Ventures, Bitfinex, Laser Digital, and Bybit. 

Some of the project’s early backers, besides Thiel himself, include Tether’s CEO Paolo Ardoino and prominent crypto traders Cobie and Zaheer Ebtikar from crypto hedge fund Split Capital.

XPL is the native token powering the Plasma ecosystem through staking, governance, validator incentives, and community rewards.

Looking ahead, Plasma aims to scale into a global payments and DeFi infrastructure layer through its Plasma One super-app, which the project developers tout as a stablecoin-native neobank and card that will offer zero-fee USDT transfers and stablecoin rewards, among other benefits.