Plasma has entered the market with one of the biggest launches of the year. Its mainnet beta went live on September 25 with billions in stablecoin liquidity ready from the first block. The project’s native token, XPL, started trading across major centralized exchanges, while its valuation quickly sparked debate among analysts and traders. Between its large initial TVL, carefully designed tokenomics, and ready-to-use products, Plasma has positioned itself as a new contender in the stablecoin infrastructure race, and the market is paying close attention.

Launch, TVL, and Liquidity

The Plasma mainnet beta went live with more than $2 billion in stablecoins deployed across DeFi partners like Aave, Ethena, Fluid, and Euler. The network, backed by Bitfinex and major investors including Peter Thiel, markets itself as the first Layer-1 chain designed specifically for stablecoin transactions. Its architecture features PlasmaBFT consensus and authorization-based transfers that allow users to send USDT without paying fees. The combination of prearranged liquidity, DeFi integrations, and instant listings on Binance, OKX, Bitget, and Bitfinex gave the launch a highly coordinated feel.

This early momentum has already placed Plasma among the top ten blockchains by stablecoin liquidity. Still, initial activity has mostly been concentrated in liquidity provisioning, with daily fees of roughly $4,000 suggesting that broader adoption will take time. For now, the headline figure of $2 billion in TVL is what is drawing market interest.

Valuation and Token Supply

XPL debuted with a fully diluted valuation of around $10 billion based on a total supply of 10 billion tokens. At launch, about 1.8 billion tokens were circulating, although a significant portion remains locked for U.S. participants until July 2026. The allocation model sends 40% of tokens to ecosystem growth, 25% each to investors and the team under vesting schedules, and 10% to public sale buyers.

The listing price hovered between $0.70 and $1 during the first hours of trading, giving early public-sale buyers, who paid $0.05, almost 20x returns on paper. The tighter float created by these lockups means the market may stay sensitive to new unlocks and trading activity in the coming months.

Products at Launch

Plasma did not wait to build utility around its chain. The project rolled out Swarm, a regulated DeFi platform offering tokenized equities such as Apple, Microsoft, Tesla, and MicroStrategy, allowing 24/7 trading against stablecoins. It also introduced Plasma One, a stablecoin-native neobank designed to turn USDT transfers into everyday money flows. These products are meant to keep liquidity engaged rather than idle and to position Plasma as a payments-first chain rather than just another general-purpose network.

Market Perspective and Hype

The excitement around Plasma comes from its scale and its focus. Traders are treating XPL as a proxy for the growth of stablecoins, particularly Tether, which continues to dominate crypto settlement volumes. On-chain data shows that whale investors have taken significant positions, with one wallet reportedly depositing $50 million USDT into the public sale and now sitting on substantial unrealized profits. Such early concentration of capital has fueled speculation and driven volatile price swings, with XPL breaking through $1 and testing higher levels almost immediately after launch.

Market watchers say the next phase will be critical. Holding key support levels around $1.00 and demonstrating sustained usage beyond parked liquidity will determine whether Plasma can convert its headline-grabbing debut into long-term relevance.

Closing Thoughts

Plasma TVL erupts after mainnet, but the real story is whether this launch represents the start of a new standard for stablecoin infrastructure. With billions already on-chain, a $10 billion valuation, and live products in place, the project has captured market attention. The coming weeks will show if its early liquidity and exchange traction can translate into real-world usage and keep XPL’s momentum going.