The stablecoin-backed project Plasma, supported by Tether, is set to launch its mainnet beta version and token generation event (TGE) on September 25 at 8:00 AM ET.
The rollout will include the release of its native token, XPL, positioning Plasma as the 8th largest blockchain by stablecoin liquidity from the start.
Plasma confirmed that $2 billion in stablecoins will be active on the network on day one. This liquidity will be distributed across more than 100 DeFi partners such as Aave, Ethena, Fluid, and Euler.
The project aims to provide users with immediate utility through savings, deep USDT markets, and some of the lowest borrowing rates in the industry.
Binance has already introduced the XPLUSDT pre-market perpetual contract, highlighting growing demand for the project’s products. Analysts note that the launch could become a defining moment for the stablecoin market.
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The road to the mainnet for the project has been marked by large-scale community engagement and rapid fundraising. It reached $27.5 million in public funding, with a deposit campaign raising over $1 billion in 30 minutes.
That was followed by another public sale raising $373 million in commitments, much higher than the $50 million threshold.
It established a partnership with Binance Earn, under which Plasma released the first USDT return product on-chain. It quickly reached its $1 billion goal, establishing records for Binance Earn. Industry insiders see it as retail and institutional interest in stablecoin-powered platforms.
As part of its inclusive policy, Plasma will distribute 25 million XPL tokens to minor investors and hold back 2.5 million XPL for Stablecoin Collective participants. Community contributors will also be allotted allocations, maintaining the project’s principle of broad participation.
Essentially, the project is aiming to build the world’s monetary flow infrastructure. Its mainnet beta will witness it roll out PlasmaBFT, a high throughput consensus layer specialized for settlements of stablecoins.
Users can look forward to zero-fee USDT transfers to begin with through its dashboard, with more free transfers to third party products to follow after repeated stress testing.
Plasma’s long-term vision is beyond DeFi. The project is targeting real-world applications in remittances, card networks, payments, and peer-to-peer cash systems.
Market experts insist that with stablecoins already heavily used in developing nations, the project’s arrival with that much scale could quickly accelerate their use all over the world.
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