Headline: Plasma Blockchain Announces Launch Date for XPL Token Amid DeFi Growth Translation: Plasma Blockchain Announces Launch Date for XPL Token Amid DeFi Growth

On September 25, the blockchain Plasma, focused on “stablecoins”, will launch its mainnet and token XPL.

At the outset, the platform’s TVL will reach $2 billion. The funds are allocated across over 100 DeFi protocols, including Aave, Ethena, Fluid, and Euler. According to the team, Plasma will immediately position itself as the eighth largest blockchain by stablecoin liquidity.

Users will be able to transfer USDT free of charge through the network interface.

“We will focus on markets with limited access to dollars and a high demand for stable currency, where the benefits of its usage are most pronounced. Our goal is to ensure ease of storage, transfer, and application of digital dollars,” stated Plasma founder Paul Fax in a comment to DL News.

The launch follows months of preparation. In July, the project raised $373 million during the public sale of XPL, significantly exceeding the target of $50 million by more than sevenfold.

Plasma is an EVM-compatible sidechain of Bitcoin designed for free USDT transactions. The network secured $3.5 million in funding during a round led by Bitfinex and $20 million in a Series A round involving Peter Thiel’s Founders Fund.

In recent months, an increasing number of companies are joining the race to create payment networks for “stablecoins.” Previously, payment giant Stripe and venture firm Paradigm undertook the development of a blockchain called Tempo.

The company behind USDC, Circle, has also announced plans to launch the Arc network for processing stablecoin transactions.

Currently, TRON and Ethereum are market leaders. Over the past day, transactions worth $151 billion and $77 billion have been conducted through them, respectively.

Earlier, the TRON community supported an initiative to reduce fees by 60% to protect the blockchain’s position. Meanwhile, the volume of “stablecoins” on Ethereum has reached a record $166 billion, with half attributed to USDT.

“Reducing fees on TRON makes sense, given its position as the second-largest network by stablecoin liquidity. However, in the long run, lower fees alone won’t secure adoption,” Fax noted in a conversation with The Block.

He mentioned that Plasma will emerge as a strong competitor in the sector due to zero fees for USDT transfers and entry into new markets.

It’s worth noting that Tether has introduced a stablecoin for the U.S. market.