Binance Launches Plasma USDT for Daily Yields

Binance has unveiled its latest offering, the "Plasma USDT Locked Product," part of the Simple Earn On-Chain Yields portfolio. This product allows users to lock USDT and earn daily rewards in USDT, alongside an allocation of XPL tokens, the native asset of the Bitfinex-backed Layer 1 network called Plasma. Users who participate in this product will secure a share of a 100 million-XPL airdrop, representing 1% of Plasma's total supply, post-token generation event. Details on the exact timing of the token generation event (TGE) are yet to be announced. This new product is classified under Binance's expanding catalog of "onchain yields," promoting a user-friendly Centralized Exchange (CEX) experience while integrating blockchain strategies. Like other products in the Simple Earn category, subscriptions operate on a first-come, first-served basis and have fixed terms. The Plasma USDT product initially had a subscription limit of 250 million USDT, which was filled almost immediately after its launch, according to Binance. What is Plasma? Plasma is a blockchain project aimed at stablecoins, backed by Bitfinex, designed for high throughput and low-cost transactions tailored for moving dollar tokens efficiently. Plasma claims to offer zero-fee user flows with quick settlements to facilitate merchant payments, remittances, and on-chain finance, while planning further integration with both centralized and decentralized finance platforms. Earlier this summer, the team successfully raised $373 million in a 10-day token sale and has since introduced Plasma-USDT products through various channels, aiming to enhance the speed and cost-effectiveness of stablecoin transfers and attract liquidity from exchanges and payment platforms. Disclaimer: The Block is an independent media outlet providing news and information. As of November 2023, Foresight Ventures holds a majority stake in The Block. Foresight Ventures also invests in various companies in the crypto sector, with crypto exchange Bitget as an anchor Limited Partner. The Block remains committed to delivering impartial, timely, and impactful news about the crypto industry. All rights reserved. This article is purely informative and should not be interpreted as legal or financial advice.