The stablecoin payment track will usher in a new competitive landscape in 2025-2026. As a new public chain project with USDT as the native settlement layer, Plasma is breaking outside skepticism with tangible results.

Since the mainnet test version went live, the performance of this new chain has indeed been noteworthy: on-chain stablecoin deposits have exceeded $7 billion, setting a new Layer1 record, and its market ranking on the Aave platform is only behind top-tier exchanges. What do these numbers reflect? They show genuine user recognition of the innovative design of zero Gas fee USDT transfers, significantly reducing the cost of on-chain interactions.

XPL, as the native token of the ecosystem, has allocated 40% of its total supply for ecosystem incentives—this proportion is uncommon in the industry. Users participating in on-chain liquidity mining can also earn an additional 2-8% yield. Such incentive mechanisms are indeed attractive in a bear market.

Looking at ecosystem deployment, the successive integration of leading projects like Aave and Daylight, along with over 75,000 registered ecosystem wallet users, all indicate a fact: Plasma is forming its own competitive barrier in the stablecoin infrastructure track.

What is the ultimate goal of stablecoins? Perhaps it’s not the victory of a single project, but who can first find a balance among payment efficiency, cost, and ecosystem integrity. Plasma is clearly moving faster on this path.