Overview
Plasma is a Layer 1 blockchain for stablecoins, founded by Paul Faecks and backed by Bitfinex, Founders Fund, Framework and Peter Thiel, among others.
In June 2025, its pre-launch deposit drive filled a $1 billion cap in about 30 minutes. Its main network and XPL token launched on 25 September 2025, briefly reaching a value of over $1.6 per token.
How it works
- Zero-fee USDT transfers: simple USDT sends are paid for by the network, so users don’t need XPL.
- XPL pays fees for other transactions and is staked by validators.
- Plasma is compatible with Ethereum apps and periodically anchors its state to Bitcoin.
- Plasma One, announced in 2025, is a neobank app with a card and free USDT transfers.
- In August 2026, Circle brought native USDC and EURC to Plasma.
The XPL token
| XPL at a glance | |
|---|---|
| Total supply | 10 billion XPL |
| In circulation (Oct 2026) | about 4.76 billion |
| Price (29 Oct 2026) | about $0.077 |
| All-time high | about $1.68 (September 2025) |
| Market cap | about $365 million (#124) |
XPL fell more than 90% within months of launch as early buyers sold and deposits fell from their peak. Team, investor and ecosystem tokens continue to unlock.
Risks
- Token value. Free USDT transfers mean the main use doesn’t require XPL.
- Unlocks. About half of XPL is still to come.
- Competition. Tron, Stable, Solana and others compete for stablecoin payments.
- Hype hangover. Its launch excitement has faded.
Plasma vs. the competition
| Plasma | Stable | TRON | |
|---|---|---|---|
| USDT transfers | Free | Paid in USDT (some free) | Cheap with TRX |
| Native token use | Gas for other actions, staking | Governance, validators | Gas, staking |
| Deposits (Oct 2026) | ~$560 million | ~$28 million | ~$5.5 billion |
Our verdict
Plasma has real deposits, strong backers and a clear purpose, and Circle’s arrival is a vote of confidence. But XPL has collapsed and its link to network use is weak. XPL is a high-risk investment: invest only what you can afford to lose.
This review is for information only and is not financial advice.