Plasma is developing a stablecoin chain that is destined to be used in practice. The intended US uses Layer 1 - the fastest, easiest messaging, minimal friction Layer 1 with zero-EVM compatibility was achieved through the use of Reth and fast finality with PlasmaBFT.
Plasma is also targeting the boring win, payments on the stabilest coin, allocation of stablecoin-based gas and NEAR Intent-based gas cross-chain settlement, and with gasless USDT deposits, the suite plans to run a stablecoin version of the overall mainnet with a beta beta mainnet, to make Coin practical and natural.