The stablecoin-focused Plasma blockchain has launched its native token, XPL, on major exchanges including Binance and OKX, marking a major step for the network.
XPL debuted 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) currently in circulation. The network also launched with more than $2 billion in stablecoins locked and an EVM-compatible architecture.
Multi-Purpose Token
XPL serves as the network’s gas token, staking asset, and validator reward token. Simple stablecoin transfers, such as USDT sends and receives, are gasless for users, while complex transactions—like deploying smart contracts or running decentralized applications—require XPL or conversion of stablecoins into XPL.
Earlier this week, Plasma unveiled Plasma One, a stablecoin-native neobank offering users permissionless access to spend, earn, and save digital dollars.
Tokenomics
XPL’s 10 billion tokens are allocated to support ecosystem growth and network stability:
- Ecosystem & Growth: 40% (4 billion), with 8% unlocked at launch and the remainder released gradually over three years.
- Founders, Developers & Employees: 25% (2.5 billion) with a one-year cliff, followed by two years of linear vesting.
- Early Backers & Strategic Partners: 25% (2.5 billion), with the same vesting schedule.
Validator rewards start at 5% annual inflation, tapering to 3% over time.
XPL’s flexible design and gasless stablecoin transfers make it a central utility and governance token for Plasma’s expanding stablecoin and high-performance computing ecosystem.
