Plasma’s XPL token is attracting interest ahead of its official release, as pre-market trading drives its fully diluted valuation over $4.5 billion. XPL is now listed on Binance’s pre-market platform and Hyperliquid’s derivatives exchange, trading at almost 10 times its valuation from the recent public sale.
The token sale in July 2025 garnered $373 million in only 10 days, offering 10% of the overall supply at roughly $0.05 per token. The current pre-market price around $0.45 indicates increasing investor trust in Plasma’s vision as a stablecoin-centric Layer 1 blockchain, designed specifically for zero-fee USDT transactions.
Momentum has been further enhanced by Binance-supported incentives, such as the hugely oversubscribed Plasma USDT Locked Product, which closed multiple subscription tranches within moments. On Hyperliquid, XPL’s perpetual contracts registered volumes in the tens of millions, indicating robust speculative interest prior to spot listings.
In contrast to numerous hype-fueled launches, Plasma steps into the market with substantial liquidity, institutional support, and a distinct use case centered on enhancing stablecoin efficiency. Despite volatile pre-market conditions, XPL’s initial price movements indicate a robust market interest in infrastructure aimed at promoting real-world stablecoin adoption.
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