Binance has launched a new Plasma USDT Locked Product under its Simple Earn On-Chain Yields lineup, offering users both daily USDT returns and a share of a massive 100 million XPL token airdrop—equivalent to 1% of the total supply of Plasma's native token. The initial subscription quota of 250 million USDT was filled within minutes of the product going live, demonstrating intense demand.
The product allows users to lock USDT to earn an estimated 2% APR paid in USDT, while also qualifying for the XPL airdrop distribution following Plasma's Token Generation Event (TGE), scheduled for September 2025. Binance may reopen or raise the cap based on demand.
Plasma, a Bitfinex-backed Layer-1 blockchain focused exclusively on stablecoin transactions, aims to become the leading network for dollar-denominated digital assets. The project has raised $24 million from investors including Tether CEO Paolo Ardoino and PayPal co-founder Peter Thiel. Plasma founder Paul Faecks emphasized that the partnership with Binance—codenamed "Taylor Swift" internally for secrecy—could provide access to Binance's 280 million users and kickstart network effects.
Notably, this yield-bearing product arrives shortly after the U.S. GENIUS Act prohibited stablecoin issuers from offering yield, but allowed third parties like Binance and Plasma to do so.