The rise of Plasma has not only driven the growth of DeFi but also injected new momentum into the king of stablecoins, USDT.

Written by: BitpushNews

The stablecoin public chain Plasma, supported by Bitfinex and Tether, is sweeping the entire DeFi market at an astonishing speed.

According to defillama data, since its mainnet launch on September 25, Plasma's total value locked (TVL) has approached $6 billion, with an average daily increase of about $1.5 billion over four days, quickly rising to become the sixth largest stablecoin blockchain, second only to TRON.

Stablecoin Public Chain Created by Bitfinex and Tether

Plasma is a new "stablecoin-driven public chain" led by the Bitfinex team and supported by the Tether (USDT) ecosystem. Its goal is to build a DeFi network centered around stablecoins, allowing users to achieve considerable returns in a low-volatility environment.

Unlike Ethereum or Solana, which pursue high-performance generality, Plasma is positioned more as a "financial operating system," primarily focusing on the lending, borrowing, and cross-protocol liquidity management of stablecoins.

Core design concepts include:

• Native stablecoin asset layer: Natively supports stablecoins such as USDT and PlasmaUSD (pUSD);
• Yield aggregation mechanism: Automatically allocates user deposits to DeFi protocols like Aave and Veda for high-yield integration;
• Incentive token XPL: As the core of ecosystem governance and yield distribution, it drives liquidity growth across the network.

According to insiders, part of Plasma's development team comes from within Bitfinex and Tether, with a technology stack deeply connected to Bitfinex's own Layer 2 network.

It is widely regarded in the industry as Tether's strategic layout for officially entering DeFi.

On its first day of launch (September 25), Plasma's TVL reached $2.32 billion and maintained an increase of over $1 billion daily for the next three days. As of September 29, Plasma's TVL ($5.544 billion) was nearing Tron ($6.11 billion), surpassing established public chains like Base, Optimism, and Avalanche, becoming a new generation DeFi capital center.

Aave Emerges as the Biggest Winner: Plasma Contributes Nearly Half of Non-ETH Locked Volume

Plasma's flagship product—the Savings Vault—attracted $2.7 billion in deposits within less than 24 hours of its launch. This vault is jointly supported by Aave and Veda, allowing users to automatically earn returns from three parties (Plasma, Aave, Veda) after depositing USDT.

DeFi lending giant Aave, as one of the first cooperative protocols in the Plasma ecosystem, is the biggest beneficiary of this surge.

Data from Blockworks shows that currently, Aave's locked volume on the Plasma network has reached $4.54 billion, accounting for 46.5% of all its non-Ethereum deployments.

In other words, the Aave funds on the Plasma single chain are equivalent to the total of Arbitrum, Base, Linea, and Avalanche.

Aave founder Stani Kulechov also stated on the X platform:

"Plasma is a prime example of how Aave works as a flywheel for liquidity."

In the future, Plasma will also launch the Basis-Trade Vault, which will allow users to earn additional returns from funding rates through risk-free perpetual contract arbitrage (delta-neutral strategy).

Aggressive XPL Incentive Mechanism: High Yields Attract Massive Stablecoin Inflows

The rapid growth of Plasma is inseparable from its highly aggressive incentive mechanism.

Currently, the main yield channels within the ecosystem include:

• PlasmaUSD Savings Vault: Approximately 19.7% annualized yield (APY)
• Aave USDT0 lending pool: Approximately 6.3% APY
• Fluid fUSDT0 vault: Approximately 12% APY
• Small to medium position rewards: Some annualized yields exceed 20%

It is estimated that Plasma's current incentive distribution scale is about $2.8 million per day, with funds mainly coming from initial token distribution and cooperative protocol incentive pools.

This "high yield → stablecoin inflow → Aave amplifying returns → continuous reward distribution" flywheel mechanism has led to exponential capital inflows.

However, industry insiders also point out that the sustainability of continuous high subsidies will be a key test for whether Plasma can solidify its ecosystem.

Stablecoin Ecosystem Resonance

The rise of Plasma has not only driven the growth of DeFi but also injected new momentum into the king of stablecoins, USDT.

As of now, the circulation of USDT has reached $183 billion, with a market share of 69%, setting a new historical high.

Tether also plans to further expand the dominance of stablecoins in on-chain finance through Plasma and the upcoming launch of two dedicated stablecoin chains—Stable and Tempo.

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