Plasma's blockchain initiative reveals the scheduled launch of their network and cryptocurrency token
The crypto world is abuzz with the upcoming launch of Plasma, a new blockchain network set to revolutionize the stablecoin market. With a promising start, the Plasma network will boast a liquidity of $2 billion, distributed among over 100 decentralized partner services.
According to the press release from Plasma, stablecoins are the 'money 2.0' and Plasma is designed to make them accessible to everyone. The network's launch will coincide with the introduction of its native token, XPL.
As of September 18, USDT, the largest stablecoin by market capitalization, stands at $171.1 billion. A significant portion of this, $90.7 billion, is on the Ethereum network, with $78.6 billion on Tron. However, Plasma aims to challenge this dominance by offering the lowest USDT lending rates in the industry.
Plasma received approximately $30 million in investments in January, with notable investors including Founders Fund, Tether, Bitfinex, and Paolo Ardoino personally. The beta version of the mainnet, backed by Bitfinex and Tether CEO Paolo Ardoino, is scheduled to launch on September 25 at 15:00 Moscow time.
During the beta testing phase, users will be able to withdraw USDT from their deposits. The project team claims that the blockchain will become the eighth-largest in terms of liquidity, with another $3 billion or less issued in 11 other blockchains.
The developers have also emphasized that Plasma has been designed from the start to meet regulatory requirements, particularly in the U.S., as stablecoin regulation improves.
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It's worth noting that the XPL token sale on the Sonar platform in June caused a significant stir and reached its target of $500 million in a few minutes. However, information about Paul Fex, Tether CEO and Plasma founder, and his role in the project remains scarce.
In other crypto news, Telegram has increased the prices of its gift prices, Bitcoin has reached $130k, and Ethereum's Vitalik Buterin has compared Ethereum staking coins to soldiers in an army. These updates, while interesting, are not directly related to the Plasma blockchain.
In conclusion, the launch of Plasma promises to bring a fresh perspective to the stablecoin market. With its focus on accessibility, regulatory compliance, and low lending rates, it's a development that crypto enthusiasts will be keeping a close eye on.
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