Stablecoin-Centric Plasma Sees XPL Token Reach $2.4B+ Market Cap at Launch

The stablecoin-focused Plasma blockchain has officially launched its native token, XPL, on major exchanges including Binance and OKX, signaling a major step forward for the network.

XPL opened trading at $1.54, giving it a market capitalization of over $2.8 billion. The token has a total supply of 10 billion, with 18% (1.8 billion) currently in circulation. Plasma also debuted with more than $2 billion in stablecoins locked and an EVM-compatible architecture.

Token Functionality

XPL serves multiple roles: as a gas token for transactions and smart contract execution, a staking asset securing the network, and a reward token for validators. Simple stablecoin transfers, such as USDT sends and receives, are gasless for users. More complex transactions, like deploying contracts or decentralized apps, require XPL as gas or conversion of a portion of stablecoins into XPL, according to Delphi Digital.

Earlier this week, Plasma launched Plasma One, a stablecoin-native neobank aimed at giving users permissionless access to spend, earn, and save digital dollars.

Tokenomics

The 10 billion XPL tokens are allocated to ensure network growth and sustainability:

• Ecosystem & Growth: 40% (4 billion tokens), with 8% (800 million) unlocked at launch for liquidity and partnerships; the remaining 3.2 billion will unlock gradually over three years.
• Founders, Developers & Employees: 25% (2.5 billion) with a one-year cliff and two-year linear vesting.
• Early Backers & Strategic Partners: 25% (2.5 billion) with the same vesting schedule.

Validator rewards start at a 5% annual inflation rate, tapering down to 3% over time.

With its multi-functional design and gasless stablecoin transfers, XPL is positioned as the core utility and governance token for Plasma’s emerging stablecoin and high-performance computing ecosystem.

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