It’s only been half a month since 2026 started, and the story around the stablecoin track is already becoming interesting. Recently, I looked into the project’s official updates and community discussions, and there’s a clear trend: Plasma isn’t just shouting big slogans, they’re actually doing things—integrating protocols one after another, with a series of data laid out right there.

The core focus boils down to two words: stablecoin infrastructure. USDT is moving from on-chain assets to global payments and institutional-level applications. It sounds like old news, but there are few projects that can truly solidify this. Plasma’s performance over the past year has indeed been somewhat low-key yet highly efficient.

Let’s start with liquidity—that’s the real competitive barrier. Recently, a research firm used data from Aave V3 for benchmarking and found that Plasma’s stablecoin lending ratio is the highest globally. Looking at TVL rankings, among top protocols like Aave, Fluid, Pendle, Ethena, Plasma ranks solidly in second place, only behind the Ethereum mainnet. What are the specific numbers? The syrupUSDT single pool has already accumulated $200 million in liquidity, and Maple Finance’s SyrupUSDT TVL has long surpassed $1.1 billion.

What do these numbers truly indicate? Capital utilization efficiency has been pushed to the limit. The stablecoins users deposit aren’t idle—they’re in high-speed operation: lending, strategies, RWA (real-world assets), all seamlessly connected, with reasonable interest rates and well-tuned risk parameters. You basically don’t need to worry about common liquidity risks or high gas costs. This is especially attractive to institutional funds—large amounts can generate immediate returns without much worry. The launch of Fluid’s architecture further optimizes this experience.