The stablecoin payment track that has been deeply cultivated is definitely the most promising Layer 1 public chain project in the crypto market for 2025. Since its mainnet launch on September 25, 2025, this blockchain infrastructure tailored for stablecoins has refreshed the market’s perception of stablecoin public chains with solid technical strength and rapid ecosystem deployment. XPL has also become a popular target in the stablecoin track due to its hardcore value #plasma. As an EVM-compatible public chain, its core competitiveness lies in precisely addressing the industry pain points of stablecoin payments. Through the Paymaster system, it has achieved zero Gas fee transfers for USDT, allowing users to complete on-chain value transfers without holding the native token XPL. This frictionless operation experience not only makes it easy for ordinary users to get started but also truly endows stablecoins with the attributes of daily payments. Additionally, the functionality of custom Gas tokens supports various tokens such as USDC and DAI for transaction fees, completely eliminating the extra step of 'buying Gas before trading', significantly lowering the barrier for Web2 users to enter Web3.
In terms of technical architecture, it adopts the PlasmaBFT consensus mechanism and Reth client, achieving sub-second transaction finality and over 1000 TPS high throughput, ensuring both the efficiency of transactions and allowing Ethereum ecosystem developers to directly deploy Solidity smart contracts. Common tools like MetaMask and Hardhat are seamlessly compatible, which has also allowed DeFi blue-chip protocols like Aave, Curve, and Pendle to quickly settle into the Plasma ecosystem. On the first day of the mainnet launch, it attracted over $2 billion in stablecoin inflow, and the liquidity of DeFi protocols broke $1 billion. Such early data is enough to prove the market's recognition of its technology. It is also noteworthy that the project has created a trust-minimized Bitcoin bridge, which can mint native BTC into pBTC to bring into the ecosystem, avoiding the centralized risks of traditional wrapped Bitcoin while opening up new DeFi application spaces for Bitcoin, constantly expanding the ecological boundaries of Plasma.
The flagship product Plasma One launched has become a key layout that brings stablecoins from on-chain to offline. This digital banking application, which integrates cryptocurrency wallets, payment cards, and banking-like functions, supports consumption in over 150 countries and more than 150 million merchants. Using the Plasma One card, transactions can enjoy up to 4% cashback, and stablecoin deposits can yield over 10% annualized returns. More importantly, it enables fee-free USDT cross-border transfers and eliminates additional costs such as foreign exchange and deposits/withdrawals, truly bridging the gap between blockchain and real-world payment scenarios. Currently, XPL is not only listed on mainstream exchanges such as Binance but also maintains a 24-hour trading volume stable at tens of millions of dollars, with a recent weekly growth rate reaching 14.60%. Market trading activity continues to rise, while XPL, as the native token of the Plasma ecosystem, not only plays a role in network governance and staking mining but is also the core vehicle for ecological incentives. As the number of developers and users within the ecosystem continues to grow, its value support will become increasingly solid.
From the perspective of industry development, the total market value of stablecoins has exceeded $160 billion, and the gradual improvement of regulatory frameworks has brought new opportunities for dedicated stablecoin public chains. With zero-fee payments, high-performance architecture, and differentiated advantages in all-scenario implementation, it has formed a unique competitive barrier against general public chains. Although the project is still in the early stages of ecological construction and faces challenges in expanding user scale, the continuous advancement of the ecological incentive plan by the project team, deep cooperation with leading wallets like Bitget Wallet, and the continuous iteration of Plasma One's functions all demonstrate a steady and pragmatic development attitude. There is optimism that it will become the core infrastructure for global stablecoin payments, and it is also expected that it can release greater value potential as the ecosystem continues to expand. Future attention will be focused on the new ecological layout and technological upgrades of the project.
