Plasma has officially launched its mainnet beta, immediately becoming the eighth-largest blockchain by stablecoin liquidity with over $2 billion. The launch also introduces its native token, XPL, positioning the network as a significant new player in the digital dollar ecosystem.

The project, an EVM-compatible Bitcoin sidechain, is strategically backed by prominent industry players, including Bitfinex and Peter Thiel’s Founders Fund. This strong backing was evident in its recent public token sale, which saw over $373 million in commitments for a $50 million offering, signaling intense investor demand for specialized stablecoin infrastructure.

Plasma aims to compete directly with established networks by offering key features like zero-fee USDT transfers. This move targets a core pain point for users and businesses, potentially driving significant volume to the new chain and intensifying competition for transaction flows in the stablecoin market.