USDS KursUSDS

The top two stablecoins in the market: USDT and USDC. No yield for holders. The top two challenger stablecoins: USDe and USDS. Yield for holders. Interesting.

Why Plasma Matters Stablecoins move trillions of dollars every year, but they still operate on blockchains that were never designed for them. Ethereum, Solana, and others prioritize general-purpose applications, which forces stablecoin activity to compete with NFTs, DeFi, and memecoins. The outcome is clear: congestion, unpredictable fees, and slow settlement times. Plasma takes a different approach it’s built entirely around stablecoins, aiming to provide fast, predictable, and secure settlement. Technology Foundation Plasma relies on three critical components that define its performance: 🔹 PlasmaBFT Consensus: High-speed, low-latency protocol, resilient against malicious validators. 🔹 Reth-Based EVM Engine: Full Ethereum compatibility for seamless dApp migration. 🔹 Bitcoin Bridge: Trust-minimized connection combining Bitcoin’s settlement security with EVM programmability. XPL in the Ecosystem XPL is the token that keeps Plasma running. It ensures network security through staking, pays for transaction fees, and represents governance power for protocol upgrades and community proposals. Future enhancements will allow stablecoin-based fees and zero-cost USDT transfers, but XPL’s role in staking and governance guarantees its long-term importance. Token Sale Structure The XPL sale takes place in two distinct phases: 🔹 Phase 1 – Vault Deposits: Users deposit USDT, USDC, DAI, or USDS into Plasma’s Ethereum Vault. Deposits earn time-weighted allocation units, rewarding early participants. 🔹 Phase 2 – Public Sale: Buyers purchase tokens at a fixed $0.05 price. A total of 1 billion tokens (10% of supply) are offered, with a $50 million target raise. Oversubscriptions are handled pro rata. Tokens remain locked for a minimum of 40 days. Key Sale Information 🔹 Tokens Offered: 1,000,000,000 XPL (10%) 🔹 Fundraising Goal: $50 million 🔹 Fixed Price: $0.05 per XPL 🔹 Sale Window: 17 – 28 July 2025 🔹 Distribution Date: 1 September 2025 🔹 Custodian: BitGo Europe GmbH (MiCA regulated) Compliance & Safeguards Plasma ensures a regulated framework for investors. The sale operates under British Virgin Islands law and aligns with EU MiCA requirements, giving European participants a 14-day withdrawal right. Custody is handled by BitGo Europe GmbH, and KYC/AML processes are powered by Echo’s Sonar system. Risks to Consider Like all early blockchain projects, Plasma carries uncertainties. The consensus protocol and Bitcoin bridge are still new and could face implementation issues. Regulatory changes may alter token availability, and XPL’s value will depend on adoption and liquidity. 🔹 Key Risk Areas: Technology maturity, regulatory shifts, liquidity/access, and operational execution. Sustainability Profile Plasma has been designed to operate efficiently, consuming around 200,000 kWh annually the same as about 19 U.S. households. Its projected carbon footprint of ~92 tonnes CO₂e/year is far below Visa or SWIFT. Validators run on consumer-grade hardware, minimizing electronic waste. Final Outlook Plasma isn’t competing to be the everything-chain. It’s built for one thing stablecoins. With XPL securing the network, enabling governance, and fueling its economy, Plasma offers a focused solution in an over-diversified market. If stablecoins continue leading global crypto adoption, Plasma and $XPL could become the backbone of tomorrow’s digital payment rails.

🚨💵 An overview of stablecoins & tokenized money market funds: ▪️ The stablecoin category is growing increasingly diverse & competitive ▪️ Top 5 issuers based on supply: Tether, Circle, Ethena, Sky, and WLFI ▪️ Networks with over $10B in natively minted stablecoins: Ethereum, Tron, and Solana ▪️ Most of the challenger stablecoins pay yield: USDe, USDS, BUIDL, USDG, AUSD, etc. ▪️ USD stablecoins dominate, with few alternative currencies, such as EUR, in the top 100 ▪️ The biggest stablecoin by supply: USDT on Ethereum ▪️ The fastest growing stablecoin (on a % basis): Ethena's USDe on Ethereum What did we miss? Let us know in the comments.

❐ Introduction Stablecoins have become the backbone of today’s crypto economy, moving trillions of dollars annually across centralized and decentralized networks. Yet, most blockchains currently hosting these assets were not designed with stablecoins as their primary focus. Ethereum, Solana, and others function as general-purpose platforms, where stablecoin activity must compete with NFTs, DeFi, and countless other applications. This often results in congestion, inconsistent fees, and unpredictable settlement times. Plasma approaches the problem differently. It is a purpose-built blockchain designed specifically for stablecoin adoption and settlement. By combining a novel consensus protocol, an Ethereum-compatible execution layer, and a native Bitcoin bridge, Plasma provides a foundation where stablecoin issuers, institutions, and users can transact efficiently and securely. At the heart of this network lies XPL, the token that secures Plasma and powers its economic model. ❐ Technology Foundation The technical backbone of Plasma is PlasmaBFT, a consensus mechanism inspired by Fast HotStuff. It is optimized for rapid finality and low latency, capable of securing the network as long as fewer than one-third of validators act maliciously. Unlike slower or more experimental consensus models, PlasmaBFT focuses on providing both resilience and speed, which are essential for high-volume stablecoin transactions. On top of this consensus layer, Plasma integrates a Reth-based EVM execution engine. This ensures full compatibility with Ethereum smart contracts, making it easy for developers to deploy existing applications on Plasma without rewriting code. What further distinguishes Plasma is its trust-minimized Bitcoin bridge. This bridge not only anchors state commitments to Bitcoin but also enables secure cross-chain flows, combining the settlement assurance of Bitcoin with the programmability of EVM-based smart contracts. ❐ Role of XPL in the Ecosystem XPL is the lifeblood of the Plasma network. It serves three key purposes. First, it secures the blockchain through validator staking. Validators must lock XPL to participate in PlasmaBFT, ensuring that the network’s integrity is underpinned by real economic value. Second, it functions as the network’s transaction currency, covering fees for smart contract deployment and execution. While future upgrades will allow fees to be paid in stablecoins such as USDT or BTC, XPL remains the fundamental token for system operations. Finally, it represents governance power, giving holders a voice in protocol upgrades, ecosystem parameters, and community-driven proposals. In addition, Plasma has plans to improve user experience with zero-fee USDT transfers for simple payments and custom gas tokens for specific use cases. However, XPL’s central role in network security and governance ensures it will remain indispensable. ❐ Token Sale Structure The upcoming XPL public sale is structured as a two-phase process. In the first phase, participants deposit stablecoins such as USDT, USDC, USDS, or DAI into the Plasma Vault on Ethereum. These deposits do not buy tokens directly but generate time-weighted allocation units, which guarantee a share of the public sale. Depositors may withdraw during this period, but once the vault enters its lock-up, funds are converted into USDT and prepared for bridging to Plasma. In the second phase, participants purchase XPL tokens at a fixed price of $0.05 per token, corresponding to a $500 million fully diluted valuation. The sale offers one billion tokens, representing 10% of supply, with a total fundraising target of $50 million. Oversubscription is handled on a pro rata basis for unclaimed allocations. Following the sale, there is a minimum 40-day lock-up, after which vault deposits are bridged to Plasma. Distribution for international participants will occur on 1 September 2025, while accredited US investors face a 12-month lock-up period in line with regulatory requirements. ❐ Key Sale Information To summarize the main details: ◉ Total Tokens Offered: 1,000,000,000 XPL (10% of supply) ◉ Fundraising Target: $50 million ◉ Fixed Price: $0.05 per XPL ◉ Subscription Window: 17 July – 28 July 2025 ◉ Distribution Date: 1 September 2025 (international participants) ◉ Safeguarding Provider: BitGo Europe GmbH, authorized under MiCA ❐ Regulatory Compliance Plasma has structured its offering with compliance at the forefront. The sale is governed under British Virgin Islands law, with disputes handled in BVI courts. In the European Union, the whitepaper is aligned with the Markets in Crypto-Assets Regulation (MiCA). This means EU investors benefit from strong protections, including a 14-day withdrawal right before tokens are admitted to trading. To safeguard assets during the offering, Plasma has partnered with BitGo Europe GmbH, a licensed custodian under BaFin in Germany. Compliance checks such as KYC and jurisdictional screening are carried out through Sonar by Echo. ❐ Risks & Considerations As with any blockchain project at an early stage, XPL comes with risks. The technology, including PlasmaBFT and the Bitcoin bridge, is still under development and could face implementation challenges. Regulatory changes in different jurisdictions may affect trading access or token classification. Market conditions also play a major role; XPL’s value will depend on liquidity, exchange listings, and adoption of the Plasma network. Finally, as a newly formed entity, Plasma Inc. faces operational and reputational risks that will test its ability to deliver on its roadmap. Investors must weigh these risks against the project’s potential. Plasma’s purpose-built design and institutional backing from firms like Founders Fund and Framework Ventures provide strong foundations, but long-term success will ultimately depend on real-world adoption. ❐ Sustainability Profile Environmental efficiency has become a key concern in blockchain adoption. Plasma has disclosed estimates of around 200,000 kWh of annual energy consumption for its validator network, equivalent to the electricity usage of just 19 average US households. Its projected carbon footprint of roughly 91.8 tonnes CO₂e per year is significantly lower than legacy systems such as SWIFT (70,000 tonnes) or Visa (1,500 tonnes). Validators can run on modest consumer-grade hardware, reducing e-waste and avoiding the environmental burden of proof-of-work mining rigs. This makes Plasma one of the more energy-efficient blockchains entering the market. Plasma and its XPL token represent a new direction for blockchain design: building an L1 network optimized solely for stablecoins rather than trying to be a general-purpose solution for everything. With fast consensus, Ethereum compatibility, and Bitcoin interoperability, Plasma is positioning itself as infrastructure that could support the next wave of digital payments. XPL is the token that secures the network, enables governance, and powers its transaction economy. Its sale structure emphasizes transparency and compliance, giving both retail and institutional investors confidence in the process. While risks remain especially in terms of technology development and adoption the combination of regulatory clarity, institutional support, and a clear market focus makes XPL a project worth watching closely. If stablecoins continue to dominate global crypto activity, Plasma and $XPL may well become one of the most important pieces of infrastructure in the space.