Share this article
Plasma's $250M USDT Yield Program on Binance Filled in Less Than an Hour
The on-chain yield program quickly attracted investors with offering Plasma's XPL native token rewards.
Aug 20, 2025, 2:46 p.m.
Make us preferred on Google
What to know:
- Plasma's new on-chain yield program with Binance attracted $250 million in deposits within an hour, reaching its limit.
- The Plasma USDT Locked Product offers daily USDT rewards and distributes 100 million in Plasma's XPL token, 1% of total supply, among investors.
- Plasma, one of the most anticipated stablecoin chains, attracted $1 billion in deposits and raised $373 million in a public token sale.
Stablecoin-focused blockchain startup Plasma's new on-chain yield program with crypto exchange Binance attracted $250 million in deposits on Wednesday, reaching the facility's limit in less than an hour.
Crypto investors flocked to the offering to get their hands on the hyped-up chain's native token XPL being offered as rewards.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The offering, called the Plasma USDT Locked Product, was opened on Wednesday at 12:00 UTC on Binance Earn, allowing users to deposit USDT to get daily USDT rewards. Alongside the yield, participants will share in a 100 million XPL token airdrop, equivalent to 1% of total supply, after the protocol’s token generation event.
The facility was capped at $250 million USDT and operates on a first-come, first-served basis. Binance said it will track user balances through daily snapshots to distribute USDT rewards and XPL allocations.
The cap may be raised, Plasma said in an X post.
Plasma is one of the hyped stablecoin-focused chains, offering fee-free USDT transfers. The project is backed by investors including Peter Thiel, Tether CEO Paolo Ardoino, Framework Ventures, and raised $373 million in an oversubscribed public token sale. It also attracted $1 billion in USDT deposits in June.
Read more: Why Circle and Stripe (And Many Others) Are Launching Their Own Blockchains
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Crypto ETFs with staking can supercharge returns but they may not be for everyone
From yield potential to custody risks, here’s how direct ETH and staking funds compare for different investor goals.
What to know:
- Investors can now choose between owning ether directly or buying shares in a staking ETF that earns rewards on their behalf.
- While staking ETFs offers yield, they come with risks and less control than holding ETH in an exchange or wallet.
- Grayscale’s Ethereum staking ETF recently paid $0.083178 per share, yielding $3.16 in rewards on a $1,000 investment.
Top Stories
