I’ve been watching things for a few years, and a lot of developers are stuck on tps (transactions per second). They ignore what matters to regular people: ease of use. We’ve all had the problem where sending $20 to someone costs $4 in gas fees. Or you have to explain to family who aren't into crypto why they need to buy a gas token to move their stablecoins. It’s a bad experience.
That’s why I’m now watching Plasma (XPL). Others were building for trading, but Plasma worked on a Layer-1 blockchain with one goal: to make stablecoin payments as easy as using cash.
The Gasless Idea
I got it when I tested their paymaster system last week. If I have USDT but no ETH or SOL on Ethereum or Solana, I can't do anything. My money is stuck. But on Plasma, the gas fee is handled by the network for stablecoin transfers. I sent 100 USDT0 (their stablecoin), and the other person got 100. It was simple. I didn't need to buy XPL first. It just worked.
This sounds basic, but it’s a big step forward. XPL pays for these transactions, so it’s focused on being a payments chain, not an everything chain.
The NEAR Integration: Why February 2026 Matters
I was unsure about Plasma because of its liquidity. A payment system needs money flowing through it. But the update from late January changed my view.
Plasma’s work with NEAR Intents (done Jan 23) connected XPL to a large source of funds. This means access to a cross-chain network with billions in volume. Now, XPL isn't alone; it’s a connection point. I’m seeing users move assets from over 25 blockchains into XPL’s stablecoin system without problems. This ability to work with other systems is what the network needed to go from cool tech to usable product.
The Key: Plasma One and the Neobank Idea
Looking at Q1 2026, the focus is on the app layer, not just the blockchain. I’m watching the launch of Plasma One, their neobank app for consumers.
They want to create a debit card and banking system that runs on-chain but feels like Revolut or Chime. If they do this well, XPL will power a real consumer finance product. Then, the demand for the XPL token will come from its use, not just speculation. People will need it to secure the network as payment volume increases.
The Big Issue
But I need to be honest. Even though the tech is fixing problems, the token system isn't perfect. The July 2026 unlock (when many early investor tokens are released) is a concern for all holders.
Still, I think that if the NEAR integration and Plasma One launch create enough transaction volume between now and summer, the need for staking and network security could handle the supply increase.
Right now, XPL is one of the more interesting utility plays in my investments. It’s not trying to be the next Ethereum. It’s trying to be the Visa of Web3, and as of February 2026, it’s getting close to achieving that.