Binance rolls out Plasma USDT ‘locked product’ with daily stablecoin yield and XPL airdrop; initial $250 million quota fills fast

The Block

2025-08-20 23:13:57

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Binance on Tuesday introduced a new “Plasma USDT Locked Product” under its Simple Earn On-Chain Yields lineup, offering users daily USDT rewards plus an allocation of XPL tokens, the native asset of Bitfinex-backed Layer 1 network Plasma.

Under the offer, users lock USDT to earn onchain yield and receive a share of a 100 million-XPL airdrop, or 1% of Plasma’s total supply, after the asset’s token generation event. A timeline for the token generation event (TGE) is currently unavailable.

Binance framed the new USDT locked product as part of its growing “onchain yields” catalog, which routes assets into blockchain strategies through a familiar, CEX-based user experience. As with other "simple earn" products, subscriptions are first-come, first-served and carry fixed terms.

Plasma's USDT product launched with a total subscription cap of 250 million USDT and filled its initial quota shortly after going live, Binance said on X.

What is Plasma?

Plasma is a stablecoin-focused blockchain project backed by Bitfinex that pitches itself as a high-throughput, low-cost network purpose-built for moving dollar tokens at scale.

Under the hood, Plasma markets zero-fee user flows and quick settlement to support merchant payments, remittances, and onchain finance, with plans to deepen integrations across centralized and DeFi venues.

The team raised $373 million in a 10-day token sale this summer and has rolled out Plasma-USDT products via at least one major venue, part of a broader effort to make stablecoin transfers faster and cheaper while drawing in exchange and payments liquidity.

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