A new Layer 1 blockchain is breaking records for stablecoin deposits. And it might just be the very beginning.

What’s happening:

  • Layer 1 blockchain Plasma has surpassed $7B USD in stablecoin deposits within two days of officially launching

Why it matters:‍

  • Plasma’s launch has set a new record in crypto for most stablecoin deposits ever for a newly launched Layer 1 blockchain

Going deeper:‍

  • Plasma’s blockchain has notably removed any transaction fees for USDT transfers and has also enabled users to generate a high yield on stablecoin deposits through different decentralized finance protocol integrations
  • Digital asset entrepreneur Paul Faecks and investor Christian Angermayer are the co-founders of Plasma, which is also backed by some of the largest companies in crypto including Tether and Bitfinex

The intrigue:‍

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