Early February 2026, @Plasma Chain ($XPL) Layer 1 blockchain focused on stablecoin payments is undergoing an adjustment phase around five months after its mainnet beta launch. The token is trading near $0.103–0.108, with a 24-hour decline of 8–10%, market capitalization around $220–235 million, and ranking roughly 230–290. Circulating supply stands at 2.1 billion XPL out of a 10 billion total, while daily trading volume remains relatively high at $100–130 million, reflecting strong liquidity despite ongoing sell pressure.
Plasma’s core proposition lies in zero-fee stablecoin transfers, enabled by its built-in Paymaster, allowing users to send USDT without holding $XPL . The network supports customizable gas tokens, maintains EVM compatibility, and uses PlasmaBFT consensus, delivering over 1,000 TPS with sub-second finality. Its goal is to become a high-speed global payment layer for stablecoins. On-chain metrics bridging TVL exceeds $6.8 billion, local TVL ranges $4.6–5.0 billion, and stablecoin balances hover around $2.0–2.1 billion, largely dominated by USDT. Recent ecosystem updates include integrations with Maple, 0xStableFlow, Lista Lending, NEAR Intents, and Kraken, improving liquidity access and cross-chain usability. However, challenges persist. $XPL is down over 93% from its 2025 peak, pressured by market weakness and ongoing monthly unlocks (88.9M tokens). A larger unlock scheduled for Q3 2026 will test market absorption. Plasma remains a high-risk, high-reward infrastructure play, with future valuation closely tied to stablecoin adoption, TVL growth, and staking-driven demand.
