Plasma’s $250 Million USDT Yield Program on Binance Reaches Cap Quickly
Plasma, a stablecoin-focused blockchain startup, launched an on-chain yield program in collaboration with Binance, attracting $250 million in deposits within an hour.
- The offering, named Plasma USDT Locked Product, allows users to deposit USDT for daily rewards.
- Participants will also receive a share of a 100 million XPL token airdrop, representing 1% of the total supply post-token generation event.
- The facility is capped at $250 million USDT and operates on a first-come, first-served basis.
- Binance will monitor user balances through daily snapshots for reward distribution.
- There is potential to raise the cap, according to Plasma's announcement.
Plasma offers fee-free USDT transfers and has backing from notable investors like Peter Thiel and Tether CEO Paolo Ardoino. The project previously raised $373 million in a public token sale and $1 billion in USDT deposits in June.