The stablecoin-focused Plasma blockchain has officially launched its native token, XPL, on major exchanges including Binance and OKX, marking a key milestone for the network.
XPL opened trading at $1.54, giving it a market capitalization exceeding $2.8 billion. The token has a total supply of 10 billion, with 18% (1.8 billion) currently in circulation. Plasma also debuted with more than $2 billion in stablecoins locked and an EVM-compatible architecture.
Multi-Functional Token
XPL serves as the network’s gas token, staking asset, and validator reward token. Simple stablecoin transfers, such as USDT sends and receives, are gasless for users. More complex transactions—like deploying smart contracts or running decentralized applications—require XPL for gas or conversion of stablecoins into XPL, according to Delphi Digital.
Earlier this week, Plasma also launched Plasma One, a stablecoin-native neobank that provides users with permissionless access to spend, earn, and save digital dollars.
Tokenomics
The 10 billion XPL tokens are structured to support network growth and stability:
- Ecosystem & Growth: 40% (4 billion tokens), with 8% unlocked at launch and the remaining 3.2 billion gradually released over three years.
- Founders, Developers & Employees: 25% (2.5 billion) with a one-year cliff followed by two years of linear vesting.
- Early Backers & Strategic Partners: 25% (2.5 billion) on the same vesting schedule.
Validator rewards start at 5% annual inflation, gradually tapering to 3%.
With its versatile design and gasless stablecoin transfers, XPL is positioned as the central utility token for Plasma’s expanding stablecoin and high-performance computing ecosystem.
