Plasma Mainnet Goes Live
Plasma, a Layer 1 blockchain specifically designed for stablecoin operations, officially launched its mainnet beta today alongside its native XPL token. The launch came with significant stablecoin liquidity already deployed across major DeFi platforms including Aave, Ethena, Fluid, and Euler.
The network enters the market with substantial backing from notable entities including Bitfinex, Bybit, Tether CEO Paolo Ardoino, and American billionaire Peter Thiel. This heavyweight support has helped position Plasma as a serious contender in the stablecoin-focused blockchain space.
Token Launch and Market Performance
At launch, XPL began trading around $1 per token, giving it a market capitalization of approximately $1.9 billion. The fully diluted value (FDV) reached about $10.5 billion based on the total supply of 10 billion XPL tokens. Interestingly, only around 1.8 billion tokens are currently circulating, representing about 18% of the total supply.
Early investors who participated in the public sale earlier this year, where tokens were priced at $0.05, are seeing returns of roughly 20x. The token is currently trading on decentralized exchanges like Uniswap and PancakeSwap, with centralized exchanges including Bitfinex, Binance, and OKX expected to list XPL for spot trading shortly.
Token Distribution and Regulatory Considerations
The tokenomics reveal that 10% of the supply was allocated to the public sale, which reportedly was oversubscribed by more than $300 million. Another 40% is reserved for ecosystem growth, with 8% unlocked at launch. Team and investor allocations each received 25% of the supply, both subject to multi-year vesting schedules.
There’s an important caveat regarding the circulating supply. Some tokens allocated to U.S. participants won’t be distributed until July 28, 2026, for regulatory reasons. This means the actual freely tradable supply might be lower than the 1.8 billion figure suggests.
Market Perspective and Adoption Outlook
Analysts have noted that Plasma’s valuation appears high relative to current adoption levels, as the network has no live usage yet. However, some market observers suggest that investors might view Plasma as an indirect way to gain exposure to Tether, which is rapidly becoming one of the world’s most valuable companies.
Delphi Digital analyst Simon highlighted this perspective, noting that despite the high valuation from pre-sale levels, the market often focuses on large crypto opportunities like stablecoins.
Launch Products and Future Direction
Plasma isn’t launching as an empty network. Several products are already operational, including Swarm, a DeFi platform offering nine tokenized equities issued under EU Prospectus Regulation. These tokens provide holders with legal rights to the underlying securities.
The team is also introducing Plasma One, described as a “stablecoin-native neobank.” Initial rollout will focus on regions with significant capital movement and existing stablecoin penetration, particularly the Middle East.
While the launch appears successful from a market perspective, the true test will come as adoption grows and the network demonstrates its capabilities in the competitive stablecoin blockchain space. The delayed distribution for U.S. participants adds an interesting dynamic to the token’s early trading period, potentially affecting liquidity and price discovery in these initial weeks.
