Plasma’s XPL Token Set to Launch on September 25 Amid $2 Billion TVL Commitment Translation: Plasma’s XPL Token Set to Launch on September 25 Amid $2 Billion TVL Commitment

On September 25, the blockchain Plasma, focused on «stablecoins», will launch its mainnet and the XPL token.

Initially, the platform’s total value locked (TVL) is projected to reach $2 billion, with funds allocated across more than 100 DeFi protocols, including Aave, Ethena, Fluid, and Euler. According to the team, Plasma is set to become the eighth largest blockchain by stablecoin liquidity right from the start.

Users will be able to transfer USDT without any fees using the network interface.

«We will concentrate on markets with limited access to dollars and a high demand for stable currencies, where the advantages of using them are most noticeable. Our goal is to simplify the storage, transfer, and application of digital dollars,» stated Plasma’s founder, Paul Fex, in a comment to DL News.

The launch follows months of preparation. In July, the project secured $373 million during a public sale of XPL, significantly surpassing its target of $50 million by over seven times.

Plasma is an EVM-compatible sidechain of Bitcoin, designed for fee-free USDT transactions. The network received $3.5 million in investments in a round led by Bitfinex and $20 million in a Series A round involving Peter Thiel’s Founders Fund.

Recently, more companies are entering the race to develop payment networks for «stablecoins.» Previously, the payment giant Stripe and the venture firm Paradigm worked on a blockchain called Tempo project.

The company behind USDC, Circle, has also announced plans for launching the Arc network to handle transactions with stablecoins.

Currently, market leaders are TRON and Ethereum. In the past 24 hours, transactions through them totaled $151 billion and $77 billion, respectively.

Recently, the TRON community supported an initiative to reduce fees by 60% to protect the blockchain’s position. Meanwhile, the total supply of «stablecoins» on Ethereum has reached a record $166 billion, with half attributed to USDT.

«Reducing fees on TRON makes sense, given its status as the second-largest network by stablecoin liquidity. However, in the long run, just fees alone will not ensure adoption,» Fex stated in an interview with The Block.

According to him, Plasma will be a strong competitor in the sector due to its zero fees for USDT transfers and its entry into new markets.

It’s worth noting that Tether introduced a stablecoin for the U.S. market.