The chain is live and the payment screen is smooth. Behind it sit an XPL gas market, a subsidized route and a validator committee that users cannot yet join without coordination.
Plasma raised $24 million in February 2025 from Framework, Bitfinex-linked USD₮0 and trading firms. The pitch was narrow: build a blockchain around dollar-token movement instead of asking payments to compete with every other workload.
The same month, an official USD₮0 post named Paul Faecks as CEO. Primary project sources do not call him a founder, so the company's origin story has a documented executive but no safely attributable founder.
Mainnet Beta opened on September 25, 2025 with chain ID 9745. Reth executes familiar EVM transactions while PlasmaBFT, a pipelined HotStuff design, orders them.
That launch proved a working chain. It did not complete proof-of-stake committee formation: current architecture documents still label it active development and describe a path from trusted validators to permissionless participation.
Plasma's own routes can make selected USD₮ transfers appear gas-free. The benefit is real at the product edge, but the site's footnote keeps third-party fees outside the promise.
At the protocol layer, normal transactions still consume XPL gas. Current fee documentation says native stablecoin paymasters and arbitrary ERC-20 gas are being built, so the product subsidy cannot be generalized to every wallet and contract.
Plasma One now presents cards, transfers and yield as live services. Rain, account providers and DeFi vaults carry parts of that stack; an XPL holder owns no documented claim on those partners or their cash flows.
Public templates let anyone run an observer and expose a ten-key mainnet committee configuration. They do not name ten independent operators, and validator enrollment still requires coordination with the Plasma team.
This makes the control boundary concrete: users can verify blocks without permission, but producing them is not yet an open market. Delegation and validator voting belong to the next phase, not the present holder experience.
Cross-chain XPL adds a different control surface. A 4-of-6 Safe can change LayerZero peers and messaging settings, but the verified adapter cannot mint native XPL or freeze an ordinary native balance.
Ten billion XPL began in four buckets. Half went to team and investors, forty percent to ecosystem and growth, and ten percent to the public sale; cliffs and monthly vesting shape when those balances can circulate.
Today XPL's clear protocol job is gas. The planned inflation curve starts only when outside validators and delegation launch, and any later validator vote over that curve is conditional on the same expansion.
The notified issuer was Plasma Inc. in the BVI under Plasma Foundation. Its materials offer no redemption, equity or revenue share. XPL therefore finances and meters a live network while its broader governance story remains a dated roadmap, not a present right.
Plasma announces $24 million across seed and Series A.
An official post identifies Paul Faecks as CEO.
Plasma Inc. is registered in the British Virgin Islands.
The consumer product begins with a staged rollout.
Chain ID 9745 opens with native XPL gas.
The published schedule assigns this date to the end of the 12-month US public-sale lock. It does not by itself establish that the unlock was executed.
Last evidence review: 2026-09-04
Plasma is an EVM-compatible layer-one network built around stablecoin payments. Mainnet Beta uses chain ID 9745, Reth execution and PlasmaBFT consensus; XPL is its native gas coin. Plasma also operates consumer and vault interfaces, whose banking, card and yield functions rely on outside providers.
Dollar tokens can travel on general-purpose chains, yet users still face volatile gas assets, fragmented bridges and interfaces that expose chain mechanics. Plasma tries to hide that friction. The hard question is who funds the smooth experience and who controls consensus while the validator set is still coordinated.
EVM transactions execute through Reth and pay ordinary network gas in XPL. PlasmaBFT orders blocks through a trusted committee. Plasma can sponsor selected USD₮ transfers in its own routes, while broader protocol paymasters and custom gas tokens remain roadmap work. Observer nodes are public; validator admission and future delegation are not yet permissionless.
No. Plasma promotes sponsored transfers on its own routes, but its disclosures allow partner fees. Current fee docs still describe broader native-paymaster support as work in progress.
Anyone can run an observer node. Validator templates are public, but joining the active set still requires Plasma-team coordination, so open validator admission is not established.
Current tokenomics makes delegation, validator inflation and validator voting conditional on a future expanded validator system. Holding XPL alone does not provide a documented general vote today.
Genesis supply was 10 billion XPL. Future inflation is planned but starts only with external validators and delegation; unlocks continue on published allocation schedules.
No. XPL is the chain's native coin. WXPL9 is a wrapped smart-contract representation used where an ERC-20 interface is required.
No documented equity, deposit, redemption or product-revenue claim follows from holding XPL. Plasma One services also depend on card, account and DeFi partners.
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