Plasma, backed by Tether, launches Mainnet Beta with strong public support, $2B liquidity, $0 withdrawals, and governance via XPL token distribution.
The stablecoin project Plasma, which is backed by Tether, is preparing to launch its mainnet Beta and token generation event on September 25. This is a significant milestone for the project, which is intended to become a fundamental infrastructure of stablecoin-based finance around the world.
Plasma Completes $1 Billion Deposit Campaign, Drives Token Demand
Plasma has gained a lot of interest both from retail and institutional players. Over the summer, the project held a $1 billion deposit campaign and followed it up with a public sale that raised $50 million. The sale was oversubscribed, demonstrating the demand for access to the platform’s native token, XPL. In addition to this, Binance Earn launched an on-chain product linked to Plasma that also fulfilled its $1 billion subscription cap.
Binance has been instrumental in helping to build the momentum for the launch. Earlier this year it introduced a pre-market perpetual contract for XPLUSDT, which offered early exposure to traders. This helped to seed liquidity before the mainnet launch and signaled strong market confidence in the direction of the project.
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Plasma is positioning itself as a real-world utility-oriented stablecoin network. Its main goal is to assist with day-to-day financial transactions, including payments, foreign exchange, card networks and on- and off-ramps. On launch day, the network will provide deep USDT liquidity and it aims to have the lowest borrowing rates in the industry for the stablecoin.
The project says that there will be more than $2 billion in stablecoins active on the network from the beginning. The project will distribute liquidity across more than 100 decentralized finance platforms like Aave, Euler, Ethena, and Fluid. These platforms will integrate with the Plasma ecosystem. Users will gain immediate access to savings, borrowing, and trading tools.
Mainnet Beta Launch Signals Plasma’s Stablecoin Ecosystem Growth
As part of its rollout, Plasma will also bring USD$0 withdrawals via the bridged vault deposits. This feature is the last step in the launch process, and it is intended to make the use of stablecoins more practical and accessible for everyday users.
The XPL token will play a central part in the network. It will be used to reward validators and enable the governance of the community. At launch, 25 million XPL tokens will be distributed to early participants of the community. An additional 2.5 million tokens will be reserved for the Stablecoin Collective, a hub that focuses on education and adoption. However, those in the United States will have to wait a year to be distributed because of regulatory concerns.
Stablecoins are transforming the world of finance. In emerging markets, they reduce payment delays and help businesses operate without traditional banking barriers. In addition, digital dollars are already changing the way millions of people store and spend money.
Plasma aims to build on this trend to create the infrastructure for stablecoins to be used worldwide. The mainnet Beta and token launch is just the start of a bigger vision to make digital dollars mainstream money. With tremendous public support and important partnerships already established, the project is fast on its way to becoming an important player in the stablecoin economy.