Gate Launchpad listed Plasma (XPL) and accepted GUSD subscriptions between 23 September 2025 and 25 September 2025. Each subscriber received an XPL allocation while the committed GUSD earned 4.4% APR, combining exposure to a new token with yield on stablecoins. The setup attracted investors seeking early XPL exposure and GUSD holders looking for steady income, but it also entailed price swings and tight liquidity.
The platform fixed the subscription price at 0.35 GUSD per XPL with a 3,000,000 XPL quota and a 10 GUSD minimum entry. Distribution took place at 21:00 on 25 September, and trading opened within two hours, giving participants rapid access to secondary market liquidity. “Dual yield” means users keep the 4.4% GUSD interest while also receiving the new token, combining income generation with allocation in XPL.
Plasma is a chain built for stablecoin traffic, which started its mainnet beta the same day and projects $2 billion in stablecoin inflows.
The total XPL supply is 10 billion, and the token pays validators and governs the chain according to Ainvest, aligning issuance with network security and governance utility.
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Instant XPL delivery plus governance rights can attract validators and users, creating incentives for early network participation. At the same time, a $2 billion stablecoin goal could load order books and invite early volatility as liquidity concentrates and price discovery accelerates.
Market risk remains material: the documents warn that manipulation or single wallet dominance can trigger liquidations and sharp moves. Counterparty risk also matters, since the 4.4% return rests on “diversified cash flows, U.S. Treasury bills, but also stablecoin collateral,” making reserve management critical to sustaining yield and confidence.
XPL reached holders at 21:00 on 25 September, a moment that provided the first hard reading of demand and volatility as trading began shortly after. The arrangement balanced dual yield appeal with exposure to price and liquidity risks, setting initial conditions for adoption and market performance.
