Plasma CEO Denies XPL Token Sale Rumors

Plasma CEO Paul Faecks has clarified that no team members have sold their XPL ￰0￱ statement came in response to speculation following the token’s recent ￰1￱ Addresses XPL Concerns The controversy began when blockchain sleuths flagged large XPL transactions from team wallets shortly after its debut, with some suggesting that these movements were linked to insiders cashing out ￰2￱ also pointed to the presence of former employees from troubled projects like Blast and Blur on Plasma’s ￰3￱ has since addressed the concerns surrounding XPL, stating on X that no one had sold tokens and that all investor and team allocations remain locked for three years with a one-year ￰4￱ also explained that although three of the company’s roughly 50 employees previously worked at Blur or Blast, the team also includes professionals from Google, Facebook, Square, Temasek, Goldman Sachs, and Nuvei, making it inaccurate to label the group as “ex-Blast.” The CEO also clarified that it has not engaged Wintermute as a market maker and has never contracted its services, adding that the company has no additional insight into its ownership of XPL beyond what is publicly ￰5￱ statement concluded with him affirming that they are “laser-focused on building the future of money.” Plasma went live with its native cryptocurrency XPL earlier this ￰6￱ event attracted attention, with the token briefly trending on major exchanges like HyperLiquid, where it reached a fully diluted valuation of around $8 ￰7￱ project presents itself as a blockchain built for global money transfers, starting with over $2 billion in stablecoin liquidity, zero-fee USDT transfers during rollout, and integrations across more than 100 DeFi protocols.

Plasma’s TVL Hits $5.7B The Plasma mainnet has been gaining momentum since ￰8￱ shows that its total value locked has already climbed to $5.69 billion, ranking it as the sixth-largest stablecoin network after Ethereum, Tron, Solana, Binance Smart Chain, and ￰9￱ recent launch was backed by months of community campaigns, including a June deposit drive that hit $1 billion in just over 30 ￰10￱ stablecoin Layer-1 also completed a $50 million public sale that was oversubscribed by $323 million, while a Binance Earn product for Plasma USDT hit its $1 billion subscription ￰11￱ crypto startup is also preparing to release Plasma One, a consumer app designed as a stablecoin-native “neobank” for saving, spending, and sending digital ￰12￱ product is scheduled to debut later this year, with CEO Faecks saying that the company’s mission is to expand global access to dollars, describing stablecoins as “Money 2.0” that can unlock investment opportunities regardless of local conditions.