Stablecoin L1 Plasma Unveils Launch Date for Mainnet Beta, TGE – Crypto News – Crypto News
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Stablecoin L1 Plasma Unveils Launch Date for Mainnet Beta, TGE Stablecoin L1 Plasma Unveils Launch Date for Mainnet Beta, TGE

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Stablecoin L1 Plasma Unveils Launch Date for Mainnet Beta, TGE – Crypto News

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The Bitfinex-backed blockchain has revealed the date for its mainnet beta and XPL token launch, enabling zero-fee USDT transfers at launch.

Plasma, the stablecoin-focused Layer 1 blockchain backed by Tether sister-company Bitfinex and billionaire Peter Thiel’s Founders Fund, will launch its mainnet beta and native token, XPL, on Thursday, Sept. 25 at 8:00 am ET.

In a blog announcement today, Sept. 18, the highly-anticipated project revealed that its mainnet beta will launch with $2 billion in stablecoin liquidity deployed across more than 100 decentralized finance partners, including DeFi giants Aave, Ethena, Fluid and Euler. The protocol’s goal, as the team explained in its post, is to create “savings that preserve value, deep USDT markets, and the lowest USDT borrow rates in the industry.” Per its website, Plasma is described as an Ethereum Virtual Machine-compatible L1, with a native Bitcoin bridge.

As part of the rollout, users will be able to bridge vault deposits to Plasma and withdraw USD₮0, Tether’s omnichain version of USDT. The launch will also introduce zero-fee USDT transfers through Plasma’s dashboard, initially limited to Plasma’s own products, with broader access planned over time.

At launch, 25 million XPL tokens will be distributed to smaller depositors and verified participants, with an additional 2.5 million tokens set aside for members of the Stablecoin Collective, a community created to promote stablecoin adoption.

U.S. participants from the public sale won’t receive tokens until July 2026 due to regulatory rules, the announcement notes.

Demand for Stablecoin Exposure

Plasma’s initial coin offering deposit vault — which gave participants access to allocations of its upcoming XPL token — was launched in June and saw massive investor interest, showcasing strong demand for exposure to the stablecoin sector. Initially capped at $250 million, the deposit vault ended up being raised to $1 billion, which was filled within 30 minutes.

In late July, Plasma closed the public sale of its tokens with more than $373 million in commitments to buy $50 million worth of XPL. Just this week, a pre-deposit vault for Maple’s syrupUSDT on Plasma, which also gave participants an XPL allocation, was filled in less than a minute.

Zaheer Ebtikar, the founder of Split Capital took to X after the announcement today and called the funding “the largest publicly confirmed oversubscription in liquid crypto in recent history.”

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