Plasma eyes mainnet launch with $2b stablecoin liquidity and XPL token

Plasma kicks off mainnet beta on September 25 backed by $2 billion in stablecoins and support from over 100 DeFi partners. The debut includes the XPL token, designed to secure the network and give ownership to the community.

According to an announcement on September 18, the Plasma Foundation will activate its mainnet beta on September 25 at 8:00 AM ET alongside the token generation event for its native XPL token.

Notably, the rollout will include the migration of $2 billion in pre-committed stablecoin liquidity from Plasma’s vaults onto the new chain, a capital base that will instantly position it among the top 10 blockchains by stablecoin value locked.

From committed capital to real-world utility

Per the announcement, the $2 billion set to go live on Plasma’s mainnet beta will be deployed across more than 100 DeFi partners, including Aave, Ethena, Fluid and Euler to create immediate utility for users and establish deep Tether markets.

To complete its final launch phase, Plasma will bridge existing vault deposits onto the chain, enabling depositors to withdraw a native stable asset called USD₮0 and tying early vault commitments to on-chain liquidity.

Plasma will also activate zero-fee USDT transfers for all users through its dedicated dashboard. Initially, this fee waiver will be available for transfers within Plasma’s own products as the network undergoes initial stress testing, with plans to extend it to broader applications over time. This fee waiver is powered by PlasmaBFT, a custom consensus mechanism engineered specifically for high-throughput stablecoin settlement.

The XPL token forms the other half of the launch. Its tokenomics emphasize broad, aligned ownership. Ten percent of the total supply was allocated to the public sale. An additional 25 million XPL will be distributed at launch to smaller depositors who have completed KYC verification, while 2.5 million XPL is reserved for members of the Stablecoin Collective, rewarding their role in education and adoption.

XPL serves as the core for network security, aligning incentives for validators and ensuring those who use and build on Plasma share in its ownership. Distribution for non-U.S. participants begins at launch, while U.S. participants will receive their allocations in July 2026 in compliance with applicable regulations.