XPL-USD · catalysts, narrative & risks

What XPL (Plasma) is

Plasma is a Layer‑1 blockchain built around stablecoin payments, whose native token is XPL [2], [21]. The network launched its public mainnet beta on 25 September 2025 and is centered on Tether's USD₮, offering zero‑fee USD₮ transfers, custom gas tokens, EVM compatibility, and a Bitcoin bridge [2], [13]. It was founded in 2024 by Paul Faecks (CEO) and Christian Angermayer, is headquartered in London under a Cayman Islands legal entity, and raised ~$24 million in seed/Series A in February 2025 from backers including Framework Ventures, Bitfinex, Founders Fund, Peter Thiel, DRW/Cumberland, Bybit, Flow Traders, IMC, Nomura, and 6th Man Ventures [2].