Plasma in November 2026: A chain built for stablecoins, and a token that has lost about 96 percent since launch
Plasma (XPL) is the native token of a dedicated blockchain designed for a single business: payments in stablecoins, above all in Tether's dollar token USD₮. The network and the token launched on 25 September 2025. On 4 November 2026 XPL trades at roughly $0.06255 and, with a market capitalisation of about $297.8 million, ranks 107th among the largest crypto assets. The data provider lists it in categories including Payments, Layer 1 and Stablecoin Protocol. Anyone placing Plasma in context should compare it with the networks that already carry large stablecoin volumes today, namely Tron and Ethereum.
What has changed in recent weeks
October opened at $0.0947, reached a high of $0.10295 on 2 October, fell to a low of $0.06888 on 29 October and closed at $0.08126. In the first three days of November the price slipped further, to a low of $0.06243 on 3 November. That leaves a loss of about 16.3 percent over seven days, about 33.9 percent over 30 days, about 32.9 percent over 60 days and about 15.7 percent over 90 days. The price now sits just above the twelve-month low of $0.06014 set on 10 June 2026.
Why this prediction is cautious
For 2026 the token shows a loss of about 63.4 percent: from the closing price of the first trading day of the year, $0.171018, XPL has fallen to roughly $0.06255. It stands about 96 percent below its record high of $1.6847 from 28 September 2025. On top of that, the supply side is far from complete. About 47.6 percent of the total supply is in circulation, and under the project's schedule the rest is released monthly until September 2028. Under our methodology the scenarios start from the price at the beginning of the year, which is why the 2026 average sits practically at today's price.
The crypto market right now
Total value and sentiment of the market from our own charts. While the page is open, the values refresh at the pace of their source.
What Plasma is and what XPL is needed for
Plasma is a standalone blockchain that describes itself as a network for fast, reliable and low-cost stablecoin payments. Its most visible feature is that USD₮ transfers are free of charge on the network's own routes, although the operator notes on its site that third-party fees may apply. XPL is the token used to pay for all other transactions and with which validators are meant to secure the network. The chain is compatible with the Ethereum Virtual Machine, so applications from Ethereum can be ported. The data provider also assigns Plasma to the ecosystem of Bitcoin.
The one figure that shows usage
For a stablecoin chain the most important metric is the amount of stablecoins actually held on it. According to DefiLlama data, that figure stood at about $1.40 billion on 4 November 2026. The peak was about $6.35 billion on 9 October 2025, shortly after launch and during a phase of generous incentive programmes. Since then the amount has shrunk by about 78 percent, but it has recovered from about $0.94 billion to $1.40 billion since early September 2026. The value locked in applications, known as TVL, stood at about $0.50 billion on the same day against about $6.36 billion on 9 October 2025. Both curves tell the same story as the price: a very large launch followed by a deep decline.
The supply side: 10 billion XPL and a schedule running to 2028
The total supply is 10 billion XPL. According to the project documentation, 40 percent goes to ecosystem and growth, 25 percent each to the team and to investors, and 10 percent to the public sale. Under the schedule, one third of the team and investor allocations unlocked on 25 September 2026 after a one-year cliff, and the remaining two thirds unlock monthly over two years. The ecosystem allocation is also released monthly until 25 September 2028. By our calculation that comes to about 88.9 million XPL per month from the ecosystem allocation and about 138.9 million XPL from team and investors, about 228 million XPL in total. That is about 4.8 percent of the 4.76 billion XPL in circulation today and, at today's price, about $14 million per month. The market capitalisation of about $297.8 million compares with a fully diluted value of about $625.5 million.
Inflation and burn
For validators the documentation provides for annual issuance of new XPL starting at 5 percent and falling by 0.5 percentage points per year until it reaches 3 percent. This inflation only begins once external validators and stake delegation go live. It is set against a burn of base fees modelled on Ethereum. Whether the burn offsets issuance depends entirely on usage, and that is exactly where the large numbers are still missing.
Where XPL trades
We measured the distribution of daily volume ourselves, across the spot market trading pairs. We captured 125 spot pairs with a combined volume of about $126.3 million in 24 hours, of which only about $0.57 million was in decentralised pools. XPL is therefore not DEX-heavy. 21 centralised exchanges each carry more than $1 million, including Binance with about $7.07 million, Upbit with about $7.06 million, Bybit with about $6.03 million, OKX with about $4.04 million, Gate with about $1.63 million and Coinbase Exchange with about $1.14 million. Together these six large venues account for about $27 million.
And the caveat
The two largest individual venues in our measurement are not major names: ASTX with about $29.15 million and GroveX with about $22.88 million together account for about 41 percent of measured volume. The data provider itself reports about $84.2 million in daily volume for XPL, less than our total across all pairs. The smaller figure is therefore the more reliable one, and the listing on the large venues is what counts most. As with Stellar, which also targets payments, it is ultimately the use of the network that decides the value, not trading in the token.
