The stablecoin-focused blockchain is leveraging Binance\u2019s reach to bring onchain stablecoin yields to a larger audience.<\/p>\n
Plasma, the Bitfinex-backed stablecoin blockchain, has teamed up with Binance to launch the world\u2019s largest centralized exchange\u2019s (CEX) first fully onchain USDT yield product.<\/p>\n
The collaboration with Binance Earn began today. Depositors who lock USDT on Binance Earn will split 1% of the supply of Plasma\u2019s upcoming XPL token, and after the token launch, users will continue to earn yield through the product. XPL is the first token to launch through Echo\u2019s ICO arm<\/a>, Sonar.<\/p>\n Plasma\u2019s blog post<\/a> emphasizes the importance of distribution for onchain finance to take its next step, and cites Binance Earn\u2019s reach as \u201ca profound opportunity to deliver this onchain yield product into the hands of hundreds of millions of people.\u201d<\/p>\n \u201cPlasma builds the rails. Binance Earn brings the audience. Together, Plasma and Binance will bring the next billion people onchain,\u201d said Plasma. <\/p>\n The XPL token generation event (TGE) does not have a set date, but is expected in the coming months, with initial coin offering (ICO<\/a>) contributors expected to be sitting on healthy profits as premarket valuations on WhalesMarket have XPL changing hands at a $3.25 billion<\/a> valuation, more than six times the ICO\u2019s sale price.<\/p>\n