The stablecoin-focused Plasma blockchain has officially launched its native token, XPL, on major exchanges including Binance and OKX, marking a major milestone for the network.

XPL opened trading at around $1.54, giving it a market capitalization exceeding $2.8 billion. The token has a total supply of 10 billion, with 18% (1.8 billion) currently in circulation. The Plasma network also debuted with over $2 billion in stablecoins locked and an EVM-compatible architecture.

Token Utility

XPL functions as the gas token for transactions and smart contract execution, a staking asset securing the network, and a reward token for validators. While simple stablecoin transfers (e.g., USDT sends and receives) are gasless for end-users, more complex transactions—such as deploying contracts or running decentralized applications—require XPL as gas, or conversion of a portion of stablecoins into XPL, according to Delphi Digital.

Earlier this week, Plasma also unveiled Plasma One, a stablecoin-native neobank designed to offer permissionless access to spending, earning, and saving digital dollars.

Tokenomics

XPL’s total supply of 10 billion is structured to support ecosystem growth and long-term network development:

• Ecosystem & Growth: 40% (4 billion tokens), with 8% (800 million) unlocked at launch for liquidity and partnership initiatives. The remaining 3.2 billion tokens will unlock gradually over three years.
• Founders, Developers & Employees: 25% (2.5 billion) with a one-year cliff, followed by linear vesting over two years.
• Early Backers & Strategic Partners: 25% (2.5 billion) with the same vesting schedule as the team.

XPL follows an inflationary model for validator rewards, starting at a 5% annual rate and gradually declining to a steady 3%.

With its multi-functional design, Plasma aims to combine gas efficiency, staking security, and validator incentives while offering gasless stablecoin transfers for users, positioning XPL as a cornerstone of the network’s emerging AI and stablecoin ecosystem.