The XPL token is the native cryptocurrency of the Plasma blockchain, a high-performance Layer-1 network launched in 2025 and purpose-built for global stablecoin payments (especially USDT/Tether).
Key features of XPL include:
Staking & security — Validators stake XPL in a Proof-of-Stake system to secure the network and earn rewards (starting ~5% inflation, decreasing over time).
Gas for complex operations — While simple USDT transfers are zero-fee (sponsored by a protocol paymaster), XPL pays gas for smart contracts, dApps, and other transactions.
Custom gas support — Allows fees in whitelisted assets like USDT or BTC in some cases.
Utility & incentives — Powers validator rewards, delegation, future governance, and aligns long-term incentives for stablecoin adoption.
Plasma combines EVM compatibility, Bitcoin-anchored security (via trust-minimized bridge), high throughput (1,000+ TPS), and instant finality. Total supply is 10 billion XPL; circulating supply is around 1.8 billion. As of recent data, XPL trades around $0.14–$0.17 with a market cap in the $250–$300M range (ranking ~#145).
It's not the 2017 Ethereum scaling concept "Plasma"—this is a modern L1 focused on making stablecoins fast, cheap, and permissionless worldwide.
