$XPL crypto launched in late September 2025 as a new Layer-1 blockchain built especially for stablecoin payments. With backing from Peter Thiel, Tether, and Bitfinex, it started strong. Within two weeks, the chain held over $6.3Bn in stablecoins and reached a total value locked (TVL) close to $8.4 billion. The native token XPL traded above $1.50 at its peak. But now it seems like all the hype just… faded
Six weeks later, the picture looks very different. As of mid-January 2026, XPL trades around ~$0.14–$0.15, down over 90% from its peak (~$1.68 ATH). Stablecoin supply on the Plasma network is now ~$1.92B, while overall TVL has rebounded strongly sitting near ~$7.2B 
