Plasma, a layer-1 blockchain optimized for Tether (USDT) transactions, has confirmed its mainnet beta and token generation event (TGE) will go live on September 25, 2025. The network will launch with over $2 billion in total value locked (TVL) and more than 100 integrations with major DeFi protocols including Aave, Ethena, Fluid, and Euler.
The project aims to position itself as a dedicated stablecoin transfer backbone, leveraging its PlasmaBFT architecture for fast, composable transactions with zero fees for USDT moves via its dashboard. From day one, Plasma claims it will rank as the eighth-largest chain by stablecoin liquidity, backed by a $1 billion deposit campaign, an oversubscribed $50 million public sale, and a Binance Earn product that hit $1 billion in subscriptions.
Token distribution includes 10% of the XPL supply sold to community members in a public sale, with an additional 25 million tokens allocated to small investors at launch. Plasma previously raised $370 million via a token IPO in July and secured $24 million in seed and Series A funding led by Framework Ventures, with participation from Bitfinex, Peter Thiel, and Tether CEO Paolo Ardoino.
CEO Paul Faecks emphasized the focus on markets with limited dollar access, stating, "Our priority is to make it easier to hold, move, and spend digital dollars."