Set to Debut on September 25: Blockchain for Stablecoin Based on Tether's Plasma Technology
The Plasma Stablecoin Blockchain, a new player in the cryptocurrency landscape, is set to launch its mainnet beta on September 25, alongside its native token XPL. Backed by Tether, one of the largest stablecoin issuers, and Peter Thiel's Founders Fund, the network aims to revolutionise the digital currency space.
Upon launch, the Plasma network will have $2 billion in stablecoins available, providing immediate utility and enabling 'savings that preserve value, deep USDT markets, and the lowest USDT borrow rates in the industry.' The network will also introduce PlasmaBFT, a high-throughput consensus layer for stablecoin flows, as part of the mainnet beta launch.
Binance has shown its support for the Plasma network by introducing a pre-market perpetual contract for the XPL token, which reached around $0.55. The Plasma network's mission is to connect to physical peer-to-peer cash networks, enabling digital dollars to achieve 'merchant penetration.'
As part of its strategy, the Plasma network will deploy capital across over 100 DeFi partners, including top DeFi protocol Aave, Ethena, Fluid, and Euler. Non-U.S. investors who participated in the public sale will receive their XPL tokens upon mainnet beta launch, while U.S. investors will receive their XPL tokens from July 28, 2026, in accordance with applicable laws.
The Plasma team plans to extend zero-fee transfers beyond their products over time. Upon the mainnet beta launch, users will be able to bridge vault deposits to withdraw USDT. They will also be able to move USDT with zero fees using authorization-based transfers.
The Plasma Stablecoin Blockchain is primarily associated with the Plasma framework used in scaling Ethereum, but there is no specific founder or main responsible individual named explicitly for a Plasma Stablecoin Blockchain. Plasma technology itself was initially proposed by Ethereum co-founder Joseph Poon and Vitalik Buterin.
In a bid to incentivise participation, 2.5 million XPL tokens will be reserved for current and future members of the Stablecoin Collective. At the launch of mainnet beta, an additional 25 million XPL tokens will be airdropped to users who completed Sonar verification and participated in the sale. The final launch phase will be marked by enabling zero-fee USDT transfers for all users.
The Plasma network's ambitious goals and strong backing make it one of the most anticipated launches in the stablecoin space. With its focus on immediate utility, low fees, and deep USDT markets, the Plasma Stablecoin Blockchain is poised to make a significant impact in the world of digital currencies.
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