Many people have fallen into this trap: they are optimistic about a project, with various on-chain metrics thriving and funds continuously flowing in, yet the token price is still heading downward. Currently, there is a project stuck in this awkward situation — it’s Plasma, a Layer 1 chain focused on the stablecoin sector.

The data is indeed impressive. Since its mainnet launch in September 2025, just a few months ago, on-chain stablecoin deposits have surpassed $7 billion. Official data shows support for over 25 stablecoins, with the USDT balance ranking fourth globally. During early launch, it absorbed $2 billion in liquidity and reached $6.3 billion within two weeks, with TVL approaching $8.4 billion. In the stablecoin track, this growth rate is quite aggressive.

How big is the stablecoin ecosystem? Global remittances, cross-border payments, and DeFi ecosystems all see traffic converging into stablecoins. Plasma is essentially directly stuck on this "high-speed highway." The purpose of its native on-chain token is straightforward — staking to maintain network security and collecting protocol fees. The larger the stablecoin trading volume, the higher the network load, and theoretically, the greater the token’s value capture potential. This is similar to Ethereum’s logic, but Plasma is more vertical, focusing solely on stablecoin traffic.

Performance indicators also look solid: over 1000+ TPS throughput, nearly 1-second block time, protocol-level USDT zero-fee transfers, and paying Gas fees directly with USDT. This combination is rare on other public chains and is considered Plasma’s core competitive advantage.