Plasma, a blockchain protocol focused on stablecoins, has made significant strides with the debut of its native token, XPL, which quickly achieved a market capitalization of over $2.4 billion. This launch was accompanied by the introduction of Plasma One, a neobank aimed at integrating stablecoin payments, savings, and transfers in emerging markets. Despite these advancements, the XPL token faced a sharp decline of over 50%, leading to allegations of insider selling, which were denied by Plasma's founder, Paul Faecks.
The recent developments have positioned Plasma as a notable player in the stablecoin sector, with its mainnet beta boasting $2 billion in stablecoin liquidity and offering zero-fee transfers. However, the volatility surrounding XPL highlights the challenges faced by new entrants in the crypto market. Meanwhile, Ethereum co-founder Vitalik Buterin has called for a reevaluation of Plasma's potential as a scaling solution, emphasizing its security benefits. These events underscore the dynamic nature of the cryptocurrency landscape, where innovation and market fluctuations coexist.
Unpacking XPL: The Rise and Challenges of Plasma's Token
October 12, 2025
1 min read
Plasma, a blockchain protocol focused on stablecoins, has made significant strides with the debut of its native token, XPL, which quickly achieved a market capitalization of over $2.4 billion. This launch was accompanied by the introduction of Plasma One, a neobank aimed at integrating stablecoin payments, savings, and transfers in emerging markets.