Investors rush to secure XPL rewards in one of crypto’s most anticipated stablecoin projects
Plasma, a stablecoin-focused blockchain startup, has made headlines after its new on-chain USDT yield program with Binance hit its $250 million cap in less than an hour. The overwhelming demand underscores investor appetite for both stablecoin yield products and exposure to Plasma’s highly anticipated XPL native token.
Program Details and Investor Demand
The offering, known as the Plasma USDT Locked Product, launched on Binance Earn at 12:00 UTC on Wednesday. The product allows users to deposit USDT in exchange for daily USDT rewards. In addition, participants will share a 100 million XPL token airdrop, representing 1% of total token supply, following Plasma’s upcoming token generation event.
Deposits were accepted on a first-come, first-served basis, with Binance tracking balances via daily snapshots to calculate both USDT yields and XPL allocations. The startup hinted that the cap may be raised in the future.
Plasma’s Rise in the Stablecoin Sector
Plasma has quickly become one of the most anticipated stablecoin chains, offering fee-free USDT transfers as a core feature. The project has already attracted significant backing, with $1 billion in deposits and $373 million raised through a public token sale earlier this year.
The initiative has also drawn attention due to its list of high-profile supporters. Plasma is backed by prominent investors including Peter Thiel, Tether CEO Paolo Ardoino, and Framework Ventures.
Analysts say the speed at which the program filled reflects both the credibility of Binance’s launch platform and the market’s hunger for reliable stablecoin yields at a time when institutional adoption is accelerating.
“This kind of response shows that investors are not just chasing returns, but also positioning for exposure to new infrastructure tokens like XPL,” one industry strategist observed.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.