Overview

• The USDT Locked Product opened on Binance Earn at 12:00 UTC on August 20 and reached its $250 million subscription limit in less than an hour.
• Participants earn daily USDT rewards at an estimated 2% APR, with Binance using daily snapshots to track balances for payouts.
• Depositors will share 100 million XPL—equal to 1% of supply—after Plasma’s token generation event, with that allocation fixed even if deposits later exceed the initial cap.
• Binance plans to migrate the yield product on-chain to Plasma once the network launches mainnet, which Plasma is targeting for September, and any decision to raise the cap rests with Binance.
• Plasma markets a stablecoin-optimized chain with gasless USDT transfers and counts backers such as Peter Thiel and Tether CEO Paolo Ardoino, with the partnership kept under wraps internally under the codename “Taylor Swift.”