Plasma (XPL) is a Layer-1 blockchain optimized for stablecoin payments and global transfers. According to CoinMarketCap, the token is trading at $0.9818, reflecting recent market activity. The circulating supply is about 1.8 billion XPL, out of a total supply of 10 billion tokens. Its 24-hour trading volume has surged, showing strong interest and liquidity.Â
Plasma’s all-time high (ATH) is $1.68, recorded on September 28, 2025. The all-time low (ATL) is less clearly documented in mainstream sources, but CryptoSlate reports that the token dropped sharply pre-peak it implies deeper lows prior to launch phases. Compared to its ATH, XPL currently trades at nearly −43 % below peak.
Stablecoin-Centric Design and Zero-Fee Transfers
Plasma stands out because it’s built for stablecoins first. The protocol supports zero-fee USD₮ transfers, meaning users can move USDT on Plasma without paying gas in many cases. Developers can build more complex smart contract logic, and XPL is used for gas in advanced operations or interaction beyond basic transfers.
In addition, Plasma claims EVM compatibility, enabling Ethereum-style smart contracts to migrate seamlessly. The team also links security through Bitcoin anchoring, adding a trust layer by aligning with Bitcoin’s settlement properties.
Partnerships and ecosystem growth have pushed buzz too. The project has attracted media attention for its promise to challenge Tron in stablecoin flows, thanks to its zero-fee model.
Whale Activity and Leverage Concerns
High volatility is inherent. Because XPL has already dropped significantly from ATH, any negative news or major token unlocks could accelerate downtrends. Indeed, upcoming unlocks (for example, a $90 million unlock scheduled for October 25) pose a real supply overhang risk.
Whale activity and leverage also matter. Some large leveraged long positions have incurred losses, which could cascade into liquidations if prices slip. Another risk is whether Plasma can actually attract real stablecoin volume and usage. Its thesis is strong, but execution, partnerships, and demand must follow.
Plasma (XPL) is one of the more intriguing new Layer-1s, especially for those betting on a stablecoin infrastructure revolution. It has a clear value prop: zero-fee USDâ‚® rails, EVM compatibility, and bridging to Bitcoin security. But with ATH set not long ago and price retraction underway, it sits at a crossroads. If it can sustain adoption, draw stablecoin flows, and absorb unlock pressures, it might keep climbing. If not, this could turn into yet another hyped project that fades.
