Plasma’s $250M USDT Yield Program on Binance Sells Out in Under an Hour
A new USDT yield program launched by stablecoin-centric blockchain Plasma in partnership with Binance hit its $250 million cap in less than an hour on Wednesday, highlighting intense investor interest driven by rewards in the project’s native token, XPL.
Launched on Binance Earn at 12:00 UTC, the “Plasma USDT Locked Product” allowed users to stake USDT in return for daily yield payouts. In addition to stablecoin rewards, participants will also receive a portion of 100 million XPL tokens—equivalent to 1% of the total supply—following Plasma’s token generation event.
Participation was limited to a $250 million cap and allocated on a first-come, first-served basis. Binance will distribute rewards based on daily snapshots of user balances. According to a post on X, Plasma may consider raising the cap to accommodate further demand.
The offering is part of Plasma’s broader push to attract stablecoin users to its zero-fee USDT transfer ecosystem. Backed by high-profile investors including Peter Thiel, Tether CEO Paolo Ardoino, and Framework Ventures, Plasma has raised $373 million through an oversubscribed public sale and drew in $1 billion in USDT deposits in June alone.
The speed with which the yield program filled underscores strong market appetite for on-chain income products and signals growing confidence in Plasma’s expanding ecosystem.
