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.

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.

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