Plasma will launch the mainnet beta on Thursday, September 25, 2025, at 8:00 AM ET (2:00 PM CEST) with approximately $2 billion in stablecoins already bridged and USD₮ transfers without fees in the initial phase (The Block) and with operational details published by the official team (Plasma).
The data comes from the official release, issued just before the debut. Updated on September 18, 2025.
According to the data collected by our editorial team and the initial communications from partners, bridged deposits show a significant concentration on a few stablecoin pairs and main vaults.
Industry analysts note that a consistent oversubscription and rapid initial collection are indicators of interest but do not replace independent on-chain evidence.
During the first 48 hours of launch, the operational team has planned continuous monitoring and publication of snapshots to verify the correspondence between declared funds and actual liquidity.
Launch and Impact: What’s Coming Immediately
At the debut of the Plasma mainnet beta, bridges for deposits from vaults will be conducted to allow withdrawals in “USD₮0” (meaning without network fees applied). In this context, operations will be monitored and verified from the very first hours; simultaneously, the official dashboard will activate free USD₮ transfers in a controlled environment (The Block).
The native token XPL will become operational at launch, with the goal of ensuring immediate operability on stablecoin flows from the first hours. It should be noted that the initial activation is designed to ensure continuity of use and observability of network behavior.
Numbers and Partners: Declared Liquidity and Distribution
Plasma positions itself, from the very first day, among the networks with the highest liquidity in stablecoins (The Block). In fact, the data reported by the company indicates a significant availability right from day one:
- $2B in active stablecoins at launch.
- Capital distributed across over 100 DeFi partners (including Aave, Ethena, Fluid, Euler). See also the AAVE analysis.
- Initial deposit campaign: over $1B raised in just over 30 minutes.
- Public sale: $373M in commitments against a cap of $50M, highlighting an oversubscription of approximately 7x.
- Agreement with Binance Earn: the cap of $1B was reached in a short time (Plasma).
These data are derived from the official release and will be integrated as soon as on-chain snapshots or partner notes are published. That said, operational feedback will complete the picture in the hours and days following the launch.
Technology and Utility: PlasmaBFT and USD₮ Transfers
The mainnet beta introduces PlasmaBFT, a consensus layer oriented towards high throughput for managing stablecoin flows (The Block).
In the initial phase, USD₮ transfers will be executed without fees within the Plasma ecosystem, with authorization mechanics and capacity limits employed for stress testing. That said, the setup remains that of a beta, with progressive checks on the system’s robustness.
Quick Glossary
- BFT (Byzantine Fault Tolerance): a family of protocols capable of tolerating malicious nodes while maintaining consensus. Technical details available in the BFT Glossary.
- Vault: custody and allocation structures from which funds are bridged to the network. See practical guide on Custody and Vault.
- USD₮0: indication that USD₮ withdrawals start with zero fees at launch.
- Sonar by Echo: verification/identification system for small depositors. See also the article on Soneium by Sony brings mini-apps to blockchain.
Free USD₮ Transfers: How It Works in the Rollout
- Limited scope: initially, fee-free transfers will be restricted to Plasma products and a selected group of enabled users and partners.
- Access: through the official dashboard at app.plasma.to.
- Controls: dynamic limits and authorizations will be applied during load testing; conditions may vary based on the outcomes of the rollout.
- Timing: the extension of transfers to external use cases will follow the outcomes of the testing period.
Token XPL: distributions, allocations, and timelines
The XPL token powers the network. Specifically, the declared planned allocations are as follows:
- 10% of the total supply sold in the public sale allocated to community members.
- Additional distribution of 25,000,000 XPL to small verified depositors through Sonar by Echo.
- Reserve of 2,500,000 XPL for current and future members of the Stablecoin Collective.
- Assignments via Discord: OG = 30,000 XPL; Contributor = 15,000 XPL; Early Contributor = 7,500 XPL.
- Distribution for non-US participants: will occur at the launch of the beta mainnet; while for US participants, the distribution is scheduled for July 28, 2026 following compliance requirements (The Block).
What happens on September 25, 2025
- 8:00 ET (14:00 CEST): activation of the mainnet beta and the dashboard.
- Execution of the bridge from the vaults to enable withdrawals in “USD₮0”.
- Launch of free USD₮ transfers in a controlled environment.
- Initial testing of the PlasmaBFT system, with careful monitoring of throughput.
Quick FAQ
When is the Plasma beta mainnet launched?
The mainnet beta will start on Thursday, September 25, 2025 at 8:00 ET (14:00 CEST). The distribution of the XPL token to non-US participants will occur simultaneously with the launch, while for US participants the distribution is scheduled for July 28, 2026 due to compliance requirements.
What does “withdraw USD₮0” at launch mean?
Indicates that users will be able to withdraw USD₮ from bridged vaults without network-applied fees; any third-party costs, such as the gas from the origin chain, are not included.
How does Sonar by Echo verification work for small depositors?
An identity verification and eligibility requirements are required. Further instructions and official documents will be provided through the channels communicated by the team.
Risks, limits, and points to verify
- Limited rollout: free transfers will start in a controlled environment, so the coverage might initially be restricted.
- Liquidity: the declared $2B will be confirmed as soon as on-chain evidence or official notes from partners are made available.
- Regulation: the different timeline for US participants (2026) indicates possible constraints related to compliance and reporting regulations. For more details, see the article on new crypto regulation in Qatar.
- Technical risk: as PlasmaBFT is in beta phase, bugs or performance bottlenecks may emerge.
Context and Perspective
If confirmed, the liquidity levels and fee-free USD₮ transfers being tested could encourage the shift of volumes for payments and remittances.
In this context, transparency on funds, the stability of the consensus mechanism, and the effective operation of production partners remain crucial.
Conclusion
Plasma opens the mainnet beta with a focus on stablecoins, offering free USD₮ transfers in a testing phase and an already operational XPL token.
The impact of the initiative will depend on on-chain trials, network stability, and transparency regarding limits and compliance requirements.