Plasma’s $250M Binance Yield Offering Sells Out in Under an Hour
Plasma’s new on-chain yield initiative in partnership with Binance reached full capacity in less than 60 minutes on Wednesday, attracting $250 million in USDT deposits amid heightened investor demand for its native token, XPL.
Launched under the name Plasma USDT Locked Product, the program opened at 12:00 UTC on Binance Earn and offered users daily USDT rewards. In addition to stablecoin yield, participants became eligible for a share in a 100 million XPL token airdrop—representing 1% of the protocol’s total supply—following Plasma’s upcoming token generation event.
The capped offering was filled on a first-come, first-served basis. Binance confirmed that it will distribute both USDT and XPL rewards based on daily user balance snapshots. In a follow-up post on X, Plasma said it may consider increasing the deposit cap due to exceptional demand.
Plasma has quickly become one of the most anticipated stablecoin-native chains, promising zero-fee USDT transfers and strong ecosystem incentives. Backers include Peter Thiel, Tether CEO Paolo Ardoino, and Framework Ventures. The project raised $373 million in a recent oversubscribed token sale and previously attracted $1 billion in USDT deposits in June.
The success of the offering highlights growing interest in yield-generating stablecoin platforms and signals strong early adoption for Plasma’s ecosystem.
