Plasma's $2B TVL vs $218K Market Cap Sparks Price Repricing Bets

Binance revealed it will list Plasma’s native token XPL on September 25, 2025, at 21:00 东八区, marking a major achievement for this blockchain project centered on stablecoins. Trading will open for XPL in pairs such as XPL/USDT, XPL/USDC, XPL/BNB, XPL/FDUSD, and XPL/TRY, with

deposits for Plasma beginning September 24 Will the Plasma airdrop listings ignite XPL’s breakout? [ 1 ]. This launch is paired with a Plasma airdrop, letting eligible users claim XPL tokens by using Binance Points on the Alpha Events page Trading XPLUSDT? Note Binance's Futures vs. Spot Listing Policy [ 4 ].

Plasma is a high-speed Layer 1 blockchain tailored for stablecoin activity, drawing attention for its zero-fee USD₮ transfers, customizable

tokens, and scalable architecture Will the Plasma airdrop listings ignite XPL’s breakout? [ 1 ]. At launch, the project’s total value locked (TVL) hit $2 billion, while its initial market cap was about $218,000, resulting in a TVL/market cap (TVL/MC) ratio of 9,174—far above the norm for Layer 1 chains Will the Plasma airdrop listings ignite XPL’s breakout? [ 1 ]. This unusual ratio hints at possible price adjustments as demand shifts.

The airdrop will distribute 100 million XPL tokens, which is 1% of the total supply, to those who participated in the Plasma USDT Locked Product on Binance. Users who deposited USDT into this product, which provided daily stablecoin rewards, will receive a proportional share of the airdrop after the token generation event (TGE) Plasma USDT on Binance sold out: XPL airdrop for users [ 2 ]. The product reached its $250 million USDT cap within just one hour, fueled by the combined appeal of yield and token rewards Plasma USDT on Binance sold out: XPL airdrop for users [ 2 ].

Market analysis shows XPL is currently moving within a symmetrical triangle, with strong support at $0.66 and resistance at $0.74. If XPL breaks above $0.74, it could aim for $0.89, while a rejection might see it fall to $0.58. Experts note that the timing of listings and airdrops could drive volatility, with liquidity surges expected as order books open Will the Plasma airdrop listings ignite XPL’s breakout? [ 1 ].

Forecasts for XPL prices cover three periods:

- : If the listing is successful, XPL could climb past $0.74, targeting $0.85–$0.89. A likely range is $0.62–$0.78, while a bearish move could see it drop to $0.58 Will the Plasma airdrop listings ignite XPL’s breakout? [ 1 ].

- : After launch, XPL may consolidate between $0.60–$0.88 as airdrop effects subside. If DeFi integrations (Aave,

, EtherFi) deepen liquidity Will the Plasma airdrop listings ignite XPL’s breakout? [ 1 ].

- : Continued growth in zero-fee USD₮ transfers and stablecoin volume could keep XPL above $0.95, but broader economic challenges or weak DApp adoption might limit the price to between $0.65 and $1.00 Will the Plasma airdrop listings ignite XPL’s breakout? [ 1 ].

Plasma’s alliances, including support from

CEO Paolo Ardoino and Bitfinex, highlight its potential to shake up the $250 billion stablecoin sector Will the Plasma airdrop listings ignite XPL’s breakout? [ 1 ]. The project’s roadmap features Bitcoin-based security and private transactions, aiming to become a scalable solution for global payments. Binance’s pre-market futures trading of XPLUSDT also reflects institutional interest in the token’s speculative prospects.

This launch is a key event for stablecoin infrastructure, with Plasma entering the field alongside established names like

and . Its emphasis on affordable, rapid transactions meets the rising need for efficient value transfer, though its long-term performance will rely on sustained TVL growth and ecosystem expansion.