Binance Plasma Yield Product Attracts $250M in One Hour With 2% APR and XPL Airdrop

Binance and the blockchain project Plasma have collaborated on an on-chain yield product that attracted $250 million in deposits within one hour of its launch, underscoring strong investor interest in decentralized yield strategies [3]. The offering, known as the "Plasma USDT Locked Product," is available through Binance Earn and provides participants with a 2% annual percentage rate (APR) in USDT, as well as a share of 100 million XPL tokens, representing 1% of the total supply [3]. Operating on a first-come, first-served basis, the product has already reached its initial deposit cap, with potential for expansion should demand remain robust [2].

This rapid deployment of capital highlights a growing appetite among both institutional and retail investors for innovative DeFi products, particularly when major industry players are involved [3]. Plasma, which aims to become a fee-free infrastructure for high-volume, low-cost stablecoin transfers, has already demonstrated significant traction, with over $1 billion in USDT deposits and a $373 million public token sale in July [3]. Backed by key figures such as Tether CEO Paolo Ardoino and venture firm Framework Ventures, the project is expected to launch its mainnet in September [2].

The partnership with Binance is a strategic move for Plasma, as it taps into the exchange’s 280 million user base, significantly accelerating the project’s path to network adoption [3]. Binance has previously introduced on-chain yield products for assets like Bitcoin, Wrapped Beacon ETH, and BNB, but the Plasma offering is unique in its combination of yield and token airdrops [4]. This dual incentive mechanism is expected to attract a broad range of users seeking both returns and exposure to a new blockchain network.

The success of the Plasma USDT Locked Product also reflects a broader trend in the crypto industry, where centralized exchanges are increasingly partnering with decentralized protocols to bring on-chain yield opportunities to retail investors [4]. The product’s structure—offering both yield and token allocation—aligns with user demand for transparency and control, which are key advantages of on-chain solutions over traditional centralized alternatives [3]. The initiative also signals a shift in investor sentiment toward on-chain platforms following previous concerns over off-chain risk and centralization.

Plasma has not yet disclosed the exact timeline for the XPL token generation event (TGE) or mainnet launch, but the product’s success demonstrates the strong market demand for stablecoin-related innovations [4]. In the short term, the offering exemplifies how centralized exchanges can serve as a bridge between traditional crypto trading and on-chain innovation, encouraging broader participation in decentralized networks [4]. Looking ahead, further developments may include expanded use cases for XPL and deeper integration with DeFi protocols.

The Plasma USDT Locked Product is currently exclusive to Binance’s platform, with no indication of broader integrations at this time [4]. As the project progresses toward its mainnet launch, users will have the opportunity to engage more deeply with Plasma’s infrastructure, potentially unlocking new utility for the XPL token and expanding its role within the ecosystem [4].

Source: [1] https://www.coindesk.com/markets/2025/08/19/crypto-bleeds-ahead-of-powell-s-jackson-hole-speech-eight-reasons-traders-are-nervous [2] https://finance.yahoo.com/news/binance-usdt-yield-farming-hits-163704419.html [3] https://www.coindesk.com/markets/2025/08/20/plasma-s-usd250m-usdt-yield-program-on-binance-filled-in-less-than-an-hour [4] https://www.theblock.co/post/367649/binance-rolls-out-plasma-usdt-locked-product-with-daily-usdt-yield-and-xpl-airdrop-initial-250-million-quota-fills-fast?utm_medium=rss&utm_source=news.xml