Plasma Hits $6 Billion TVL in Just Four Days

Plasma, the stablecoin-focused blockchain backed by Bitfinex and Tether, has exploded onto the DeFi scene. In just four days since its mainnet launch on September 25, it has drawn nearly $6 billion in deposits, becoming the sixth-largest stablecoin network and closing in on Tron.

This explosive growth highlights a growing appetite for stablecoin-based DeFi opportunities that offer strong yields with less exposure to volatile token prices.

Stablecoin-Centric Chain Backed by Bitfinex and Tether

Unlike general-purpose chains such as Ethereum or Solana, Plasma is designed as a “financial operating system” built around stablecoins.
Its focus is on lending, yield generation, and liquidity management for dollar-pegged assets like USDT and its native stablecoin PlasmaUSD (pUSD).

Key features include:

• Native Stablecoin Layer: Supports USDT and pUSD from the ground up.
• Yield Aggregation: Routes user deposits to proven DeFi protocols like Aave and Veda to maximise returns.
• XPL Token: Powers governance and rewards, incentivising liquidity across the ecosystem.

Much of Plasma’s development team has roots in Bitfinex and Tether, signalling the stablecoin giant’s deeper push into DeFi.

TVL Skyrockets Past $5.5 Billion in Four Days

Plasma’s momentum was visible from day one. The network locked in $2.32 billion on launch day alone and has since added over $1 billion daily. By September 29, TVL had climbed to $5.54 billion, overtaking established networks such as Base, Optimism, and Avalanche.

At this pace, Plasma is narrowing the gap with Tron, which currently leads stablecoin-centric DeFi with about $6.11 billion locked.

Aave Emerges as the Big Winner

The star of Plasma’s early success is its flagship Savings Vault, which pulled in $2.7 billion in deposits within the first 24 hours. This vault, powered by Aave and Veda, lets users deposit USDT and earn combined yields from all three platforms.

DeFi lending leader Aave has seen a massive boost from Plasma’s growth.
According to Blockworks, Aave’s TVL on Plasma has reached $4.54 billion, accounting for nearly 47% of its non-Ethereum liquidity, more than the combined total of its deployments on Arbitrum, Base, Linea, and Avalanche.

Aave founder Stani Kulechov praised the integration on X, calling Plasma “a prime example of how Aave works as a flywheel for liquidity.”

High-Yield Incentives Drive Capital Inflow

Plasma’s breakout has been fuelled by attractive yields and an aggressive incentive model.
Current returns include:

• PlasmaUSD Savings Vault: around 19.7% APY
• Aave USDT Lending Pool: about 6.3% APY
• Fluid fUSDT Vault: around 12% APY
• Bonus Rewards: for smaller depositors, sometimes topping 20% APY

Industry trackers estimate Plasma is distributing about $2.8 million in incentives daily, mainly from its initial token allocation and partner protocol rewards.
This “high yield → stablecoin inflow → boosted Aave returns → ongoing rewards” cycle has created a strong growth loop.

However, analysts warn that sustaining these high payouts will be critical for the platform’s long-term stability.

Boosting the Stablecoin Ecosystem

Plasma’s rise has also been a win for USDT, the world’s largest stablecoin.
USDT’s circulation has now reached $183 billion, capturing about 69% of the stablecoin market, an all-time high.

Tether plans to expand this momentum further through Plasma and two upcoming stablecoin-focused chains, Stable and Tempo, cementing its push to dominate on-chain finance.

What’s Next for Plasma

Beyond the Savings Vault, Plasma plans to roll out a Basis-Trade Vault, which will use delta-neutral strategies to earn funding-rate income from perpetual contracts, a way to offer additional yield with controlled risk.

If Plasma can maintain strong yields and prove the sustainability of its incentive programs, it could evolve into the go-to hub for stablecoin-based DeFi activity.