Plasma’s total value locked has climbed to $2 billion after the stablecoin-focused Layer 1 was picked as one of the initial networks supporting Tether’s new self-custody wallet.
Stablecoin-focused Plasma has emerged as the seventh-largest blockchain by total value locked (TVL) and is among a select group of networks supporting Tether’s newly launched self-custody wallet, according to data tracked by DefiLlama and CoinDesk reporting on Thursday.
At the time of writing, Plasma’s TVL stood at $2 billion, up 27% over the past week and more than 80% over the past 30 days, per DefiLlama. The rally has lifted the network above several established Layer 1s competing for stablecoin liquidity, cementing its position in the top tier of decentralized finance infrastructure.
Tether Wallet Selection Drives Momentum
Plasma was named alongside Ethereum and Arbitrum as one of the networks chosen to support Tether. wallet, the self-custodial application announced by Tether on April 14.
The wallet supports USD₮, XAU₮, USA₮, and Bitcoin across multiple networks, with Tether stating that the application “automatically surfaces available networks and balances, abstracting underlying infrastructure from the user experience.”
Tether said its technology is used by more than 570 million people globally as of March 2026, with adoption “continuing to accelerate across emerging and developed markets alike, at the pace of tens of millions of new wallets added per quarter.” The wallet routes transactions without requiring users to hold separate gas tokens, a feature that complements Plasma’s zero-fee USDT transfer architecture.
Regulatory Tailwinds and Network Growth
According to CoinDesk, the driver behind Plasma’s TVL expansion is unclear, but it could be linked to rising optimism about the CLARITY Act nearing approval in the United States, as noted by JPMorgan. The act is a proposed U.S. bill that seeks to clarify how digital assets, including stablecoins, are regulated and which agencies oversee them.
Plasma launched its mainnet beta in September 2025 with over $2 billion in stablecoin deposits and more than 100 DeFi integrations, including Aave, Ethena, Fluid, and Euler. The Bitfinex-backed network was designed specifically for stablecoin payments, offering zero-fee USD₮ transfers through a paymaster model and full Ethereum Virtual Machine compatibility.
Competitive Positioning in Stablecoin Race
The Tether-aligned chain has been pitched as a direct challenger to Tron’s long-held dominance in stablecoin settlement.
Plasma founder Paul Faecks previously told The Block that the project intends to compete “with more features than just gasless USD₮ transfers, including local market penetration, institutional distribution, and integration with critical payment partners and fintechs.”
Plasma’s placement within the Tether Wallet launch roster gives the chain a direct channel to the users Tether has cultivated across emerging markets. Its native token XPL remains subject to upcoming unlock events, with a 106 million XPL allocation to the ecosystem scheduled for April 26 and a larger team and investor unlock slated for July 2026.
