The brief

Analyst view

• Mainnet launched September 25, 2025 with $2B+ stablecoins on day one.
• XPL token: 10B supply, 1.8B circulating at launch, $10.4B FDV.
• Raised $373M in July 2025 token sale; backed by Bitfinex, Tether and Framework Ventures.

Technical approach

As reported

Consensus

PlasmaBFT for sub-second finality

Uses Byzantine fault-tolerant consensus that achieves finality in sub-seconds, enabling fast global payments.

Stablecoins

Zero-fee USDT transfers

Primary use case is moving USDT globally with no transaction fees, competing with wire transfers and traditional payments.

Security

Bitcoin anchoring

Periodically checkpoints and anchors state to Bitcoin blockchain for additional security guarantees.

Compatibility

EVM-compatible

Supports Ethereum-compatible smart contracts and DeFi applications, lowering barriers for developers.

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