【All About Plasma】Overview, Technical Structure, Team, Transition, Post-Mainnet Movement, XPL Token, Plasma One, and More / @Plasma

Billions of dollars in liquidity and usage immediately after mainnet release

Good morning.
I am mitsui, a web3 researcher.

Today I researched “Plasma”.

What is Plasma?
Founding Team
Main net open to the public
Proprietary Token XPL
Plasma One and Credit Cards
Will it be a winner in the stable coin chain?

---

🧵TL;DR

• Plasma is centered on USDT.Stable coin-specific L1 chainand was built to complement Ethereum’s high cost and Tron’s centralization risk.

• PlasmaBFT, EVM Compatible, Bitcoin Bridge, Zero-Fee Remittance, Custom Gas Token, Concealed Remittanceand other functions to provide a low-cost, high-speed, user-friendly payment infrastructure.

• With Tether’s support, we will proceed with the financing, DeFi integration, and Binance partnership, starting immediately after the mainnet release on September 25, 2025.Billions of dollars in liquidity and utilizationThe company has acquired

---

What is Plasma?

Plasma is a Layer 1 blockchain dedicated to stablecoin (specifically USDT) transactions.

It was built to address the market inefficiencies of existing general-purpose blockchains, particularly Ethereum and Tron, which are the primary platforms for stablecoin distribution, and are not sufficiently optimized for high-frequency, high-volume stablecoin payments .

Ethereum is unsuitable for repetitive USD₮ transfers because transaction costs are too high, and Tron, while efficient, has centralization concerns .

Plasma aims to provide a predictable, low-cost, high-speed payment infrastructure by focusing exclusively on stable coin activity.

The following are its characteristics.

PlasmaBFT

The Plasma chain employs a BFT (Byzantine Fault Tolerance) consensus based on Fast HotStuff. This allows for high throughput while providing finality (finalization of transactions) with extremely short delays. This means that users rarely need to wait for block approval, and the system allows users to enjoy optimized speed for immediate transfer and settlement of stablecoin.

EVM Execution

The execution environment uses a Reth-based engine written in Rust and is fully Ethereum compatible (EVM compatible). This allows developers to deploy smart contracts and dApps built on Ethereum almost as they are on Plasma, and to leverage existing development tools and libraries. As a result, the ecosystem is easily scalable and provides a low barrier to entry for developers.

Native Bitcoin Bridge

Plasma features a Bitcoin bridge with a MPC (multi-party computation) verifier that allows Bitcoin assets to be securely brought into the Plasma network. In this mechanism, pBTC is issued on Plasma by locking Bitcoin, and interoperability with other chains is also ensured through LayerZero’s OFT (Omnichain Fungible Token) technology. This paves the way for BTC to be utilized for DeFi and smart contracts.

Zero-Fee USD₮ Transfers

Plasma incorporates a protocol-managed paymaster that provides a mechanism to perform USDT transfers with zero gas costs. Users can send USDT directly to the recipient without having to have a native token such as XPL, making the money transfer experience as simple as sending a message. The free money transfer has an identity-based rate limit and is designed to prevent spam and abuse.

Custom Gas Tokens

Plasma has an ERC-20 Paymaster system that allows users to use non-native token XPL to pay for gas. Users can pay for gas directly with key assets such as USDT or BTC, eliminating the need to purchase and hold XPL. This mechanism greatly improves the user experience and creates a more intuitive blockchain environment for real users.

Confidential Payments

Plasma incorporates a Confidential Payments module. This enables “shielded transactions” in which the amount and transaction metadata are hidden for USDT transfers. While the existence of the transfer is recorded, the specific amount and other information is not disclosed, thereby enhancing user privacy. This is expected to be a mechanism to ensure individual and corporate confidentiality while maintaining regulatory compliance.

Summary

These are the main characteristics, so let me try to summarize them at the end.

In addition to Plasma, there are many other stable coin-specific chains, which may differ slightly in their technical composition, but have basically similar characteristics.

---

Founding Team

Plasma’s founder and CEO is Paul Faecks, who previously co-founded and served as CEO of Alloy, an institutional DeFi platform. He previously worked at Deribit, a crypto asset derivatives exchange, and is a graduate of the Technical University of Munich, Germany.