The world’s largest crypto exchange platform by trading volume is adding support for a new layer-1 blockchain focused on stablecoins.
In a new announcement, Binance says that it will be adding support for Plasma (XPL), a proof-of-stake (PoS) layer-1 optimized for large-scale stablecoin payments that is compatible with Ethereum (ETH).
“Binance is excited to announce that Plasma (XPL) will be added to Binance Simple Earn, ‘Buy Crypto,’ Binance Convert, Binance Margin, and Binance Futures.”
News of the listing preceded a massive downswing for the crypto asset, as it went from a peak of $1.54 earlier in the day to a price of $0.721. XPL has since recovered and is valued at $0.895 at time of writing, a 31% decrease during the last 24 hours.
According to its official whitepaper, the protocol offers zero-fee transfers of Tether (USDT), the largest stablecoin by market cap, and is built around the principle that stablecoins deserve premium infrastructure.
“Plasma is built around a simple principle: stablecoins deserve first-class treatment at the protocol level. Instead of relying on middleware or external wrappers, Plasma provides native tools for cost abstraction, privacy, and programmable gas.
These tools are usable out of the box and are designed to integrate more deeply over time with the chain’s execution logic.
The result is a developer experience that is simpler and more robust with fewer dependencies, faster iteration, and stronger guarantees. All while remaining fully compatible with the EVM (Ethereum Virtual Machine) ecosystem.”
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