On September 25, the blockchain Plasma, focused on “stablecoins,” will launch its mainnet and the XPL token.
September 25, 8:00 AM ET. pic.twitter.com/SimWiGGSJR
— Plasma (@PlasmaFDN) September 18, 2025
At launch, the platform’s TVL will be $2 billion. Funds are distributed across more than 100 DeFi protocols, including Aave, Ethena, Fluid, and Euler. According to the team, Plasma will immediately become the eighth-largest blockchain by stablecoin liquidity.
Users will be able to transfer USDT without fees through the network interface.
“We will focus on markets with limited access to dollars and high demand for stable currency, where the benefits of its use are most evident. Our goal is to ensure the simplicity of storing, transferring, and applying digital dollars,” noted Plasma founder Paul Fax in a comment to DL News.
The launch follows months of preparation. In July, the project raised $373 million during a public sale of XPL. The amount exceeded the target of $50 million by more than seven times.
Plasma is an EVM-compatible Bitcoin sidechain designed for 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.
A Competitive Market
In recent months, more companies have joined the race to create payment networks for “stablecoins.” Previously, the payment giant Stripe and venture firm Paradigm began developing a blockchain called Tempo.
The company behind USDC, Circle, also announced plans to launch the Arc network for processing stablecoin transactions.
Currently, the market leaders are TRON and Ethereum. In the past 24 hours, they have processed transactions worth $151 billion and $77 billion, respectively.
Previously, the TRON community supported an initiative to reduce fees by 60% to protect the blockchain’s position. Meanwhile, the volume of “stablecoins” on Ethereum reached a record $166 billion, half of which is USDT.
“Reducing fees on TRON makes sense, given its position as the second-largest network by stablecoin liquidity. However, in the long term, fees alone will not ensure adoption,” said Fax in a conversation with The Block.
According to him, Plasma will become a serious competitor in the sector due to zero fees for USDT transfers and entry into new markets.
Earlier, Tether introduced a stablecoin for the US market.