$250M Plasma USDT Yield Round Fills Rapidly on Binance, Capped in Less Than an Hour

Plasma’s $250M USDT Yield Program on Binance Reaches Capacity in Under 60 Minutes

Plasma’s latest yield initiative—launched in collaboration with Binance—hit its $250 million USDT cap in under an hour on Wednesday, fueled by strong demand for both yield and token incentives.

The program, called the Plasma USDT Locked Product, opened at 12:00 UTC via Binance Earn, offering users daily USDT returns and eligibility for a 100 million XPL token airdrop—equivalent to 1% of the protocol’s total supply. Rewards will be distributed after Plasma’s upcoming token generation event.

Participation was limited and available on a first-come, first-served basis. Binance confirmed that daily balance snapshots will be used to determine both yield and token allocations. Plasma later hinted on X that it may increase the cap due to the overwhelming response.

Plasma, a high-profile stablecoin-focused blockchain, offers zero-fee USDT transfers and is backed by notable investors including Peter Thiel, Tether CEO Paolo Ardoino, and Framework Ventures. In June, the project attracted over $1 billion in USDT deposits and raised $373 million in a heavily oversubscribed token sale.

The rapid fill underscores investor enthusiasm for Plasma’s ecosystem and the broader appetite for stablecoin-native DeFi products.