Plasma takes on TRON as liquidity surges past $5.6B

Plasma, the new Tether-backed stablecoin ecosystem, keeps expanding its liquidity with recent inflows. The chain is on track to challenge TRON’s position, after surpassing several top chains. 

Plasma is growing its liquidity, with inflows of stablecoins and tokens. The zero-fee network carrying a version of USDT is on track to challenge TRON, after surpassing Arbitrum and Base in terms of value locked. The metric reflects the active inflows of value in the first week after the chain’s launch. 

Plasma already accrued $5.60B in value locked, and is now sitting just outside the top 5 of the most liquid chains. 

The chain carries $5.96B in stablecoins from USDT inflows. In the coming days, if the pace of inflows remains similar, Plasma may displace TRON, which is now at $6.10B in value locked. After that, Plasma will sit just behind BSC, with over $7B in value locked. The Plasma network itself reported an even higher value over the weekend, claiming over $7B in total inflows. 

Those estimates are conservative, and other metrics suggest Plasma may be at the level of Solana just a week after its launch, with the potential to become the leading stablecoin settlement platform. 

Can Plasma sustain its growth?

One of the sources of growth for Plasma was its USD vault. Plasma relies on passive savings, with Aave as the top app and Plasma Savings Vaults a close second. 

In the initial days of Plasma activity, the USD Vault drew in up to $212M. As Cryptopolitan reported earlier, a significant share of the deposits came from a whale wallet with connections to Bitfinex. 

Later, the USD vault saw some outflows, and now its wallets contain just $44M in liquidity. However, other Plasma vaults have accrued up to $3B in liquidity. 

XPL token slowed down its growth

XPL tokens peaked at $1.67 over the weekend, later sliding to $1.33. XPL mostly relies on its Binance volumes of over $2.56B, with $1.37B on OKX and $763M on Hyperliquid. 

Over 56% of Hyperliquid whales are going long on XPL, though some prominent traders are longing the token more aggressively. 

.@CookerFlips just put on a $6.6M long on $XPL with 3x leverage on @HyperliquidX.

Unrealized PnL: $998K in a week
Realized PnL: -$714K (still clawing it back)

Big bet, big swings, wallets like this move markets. pic.twitter.com/NRdGXkMDio

— Nansen 🧭 @ TOKEN2049 🇸🇬 (@nansen_ai) September 29, 2025

Despite the short-term drawdown, XPL is expected to outperform, based on the network’s utility. The token has no unlocks until 2026, and is undergoing accumulation, with predictions of going to $2.50. 

The token also has over 15K holders on its BSC version, with 38% of volumes happening on the Binance centralized exchange. In the coming years, XPL is still going to behave as a low-float token, with long-term unlocks. 

XPL is still in price discovery, directly tied to the performance of Plasma. The initial hype for the token is now gone, and derivative traders are moving in. Open interest is still at $1.6B, down from a recent peak of $1.86B. 

In the short term, XPL achieved social media mindshare similar to Aster, showing that new tokens and projects could still create an active reception. Unlike other airdrops, both ASTER and XPL climbed after their launch, and did not go through a deep drawdown.

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