Plasma’s $250M USDT Yield Program on Binance Fills in Under an Hour as XPL Token Hype Builds

A new on-chain yield initiative from stablecoin-focused blockchain Plasma drew rapid interest on Wednesday, hitting its $250 million cap within an hour of launching on Binance Earn.

The program, dubbed the Plasma USDT Locked Product, offered users the opportunity to earn daily USDT yield and share in a 100 million XPL token airdrop—1% of the total supply—set to be distributed following Plasma’s upcoming token generation event.

Investor appetite was fueled by growing excitement around Plasma’s native token, XPL, which is being distributed as an added incentive for participants. Binance will track user deposits through daily snapshots to calculate yield payouts and XPL allocations.

The program was made available at 12:00 UTC on a first-come, first-served basis and reached full capacity in less than 60 minutes. Plasma hinted via social platform X that the deposit cap could be increased to meet demand.

Plasma, which aims to provide zero-fee USDT transfers, is among the most closely watched projects in the stablecoin space. It previously raised $373 million through an oversubscribed public sale and secured $1 billion in USDT deposits earlier this year.

The project is backed by a high-profile roster of investors including Peter Thiel, Tether CEO Paolo Ardoino, and Framework Ventures.