Plasma’s XPL Token Hits $2.4B Market Cap in Initial Trading

The stablecoin-focused Plasma blockchain has officially launched its native token, XPL, on major exchanges including Binance and OKX, marking a significant milestone for the network.

XPL opened trading at $1.54, giving it a market capitalization of over $2.8 billion. The token has a total supply of 10 billion, with 18% (1.8 billion) in circulation. Plasma also launched with more than $2 billion in stablecoins locked and an EVM-compatible network design.

Token Utility

XPL functions as the network’s gas token, staking asset, and reward token for validators. Simple stablecoin transfers, such as USDT transactions, are gasless for end-users, while more complex operations—like deploying smart contracts or running decentralized apps—require XPL or conversion of stablecoins into XPL, according to Delphi Digital.

Earlier this week, Plasma unveiled Plasma One, a stablecoin-native neobank that enables users to spend, earn, and save digital dollars with permissionless access.

Tokenomics

XPL’s 10 billion tokens are structured to support network growth and long-term development:

• Ecosystem & Growth: 40% (4 billion tokens), with 8% unlocked at launch and the remainder released over three years.
• Founders, Developers & Employees: 25% (2.5 billion) with a one-year cliff and two-year linear vesting.
• Early Backers & Strategic Partners: 25% (2.5 billion) following the same vesting schedule.

Validator rewards begin at a 5% annual inflation rate, tapering to 3% over time.

XPL’s versatile design, combined with gasless stablecoin transfers, positions it as the core utility and governance token powering Plasma’s growing stablecoin and high-performance computing ecosystem.