Plasma, a tether-backed stablecoin platform, will launch its mainnet beta and native token, XPL, on September 25, 2025. XPL will launch as the eighth-largest blockchain by stablecoin liquidity, according to a recent press release. Plasma noted that roughly $2 billion worth of stablecoins will be active on its platform on the first day of launch. In addition, it plans to deploy capital across over 100 Decentralised Finance (DeFi) partners, including Euler, Save, Fluid, Ethena, and other related projects.