Interview with Plasma CEO: "Deposit $1 to get $10,000" aligns with our operational philosophy; we want to create a community-driven project

Bitget App

Trade smarter

Chaincatcher2025/09/29 02:24

Show original

By:嘉宾：Paul Faecks，Plasma CEO

Plasma's vision is very clear: global commerce will gradually shift toward stablecoins, and Plasma will be a key driving force behind this transformation.

Guest: Paul Faecks, Plasma CEO

Hosts: Andy; Robbie

Podcast Source: The Rollup

Original Title: How Plasma Plans To Win The Trillion Dollar Stablecoin Battle - CEO Paul Faecks

Broadcast Date: September 28, 2025

Key Takeaways

The day after the launch of the Plasma mainnet and XPL token, The Rollup spoke with Plasma CEO Paul Faecks to discuss the following topics:

Airdrop and XPL allocation strategy
280 million Binance users earning on-chain yields
XPL token vision
Plasma One: Providing new banking services for the unbanked
Competing with Visa on a market cap of over $50 billion
Why "scalability" will look different in five years
Tether partnership and USDT's dominance

Highlights

When it comes to token allocation and distribution, the most important thing is to enter the market in an open way, allowing more people to participate. Investing $1 on-chain could yield $10,000 in returns, which actually aligns with our consistent operating philosophy.
Before the mainnet launch, we had already reached a significant yield partnership with Binance. Through this collaboration, users can deposit directly on Plasma via Binance's platform to Aave.
Relying solely on the native crypto user base is not a sustainable model. We need to drive real organic usage, not just attract users through incentives, but ensure the platform itself is attractive and meets real user needs.
We have always hoped this would ultimately become a community-driven project. I believe the decisions we made regarding token allocation and distribution are basically based on this philosophy, aiming to make the entire ecosystem more aligned with community needs.
Stablecoins are at the beginning of an industry inflection point. The current total stablecoins in circulation are about $260 billion to $270 billion, and we believe this market will eventually reach the trillion-dollar level.
I believe that in the future, there will be dedicated stablecoin chains, with stablecoin totals reaching hundreds of billions of dollars and daily transaction volumes possibly reaching trillions of dollars.
Stablecoins have become a core strategic tool for global dollar monetary policy because they can attract buyers who have no preference limits on debt pricing.
The entire design of the XPL system is closely tied to the interests of the community, while ensuring that the XPL token plays a core role in the ecosystem.
Plasma's vision is very clear: global commerce will gradually shift to stablecoins, and Plasma will be an important driving force behind this transition.
We have always built Plasma around the USDT ecosystem. While we support a multi-stablecoin world, Tether's market dominance and extensive distribution network are extremely difficult to replicate.

Reflections After XPL Launch

Andy:

Paul, tell us about the past few days. How are you feeling?

Paul:

It's been a really intense period. We've been busy all week, because launching a blockchain is not just about turning on a network. There are many dynamic factors involved, including some external variables that are not entirely under our control. So, it's been a very stressful week. But so far, everything has gone smoothly, and we're very happy. However, everyone was indeed exhausted last night.

Robbie:

So what do you think was the hardest part? Do you feel the toughest stage is over now?

Paul:

Not at all. I think the real challenge lies ahead. We've just announced the Plasma One product, and that's clearly only part of the work before launching the chain. I think this is actually the starting point for truly building our vision. While the chain itself, the DeFi ecosystem, and exchange components are all very important, there is still a lot of work ahead of us.

Andy:

Now, we'd like to hear about your future vision, such as how you plan your product line and how you see the future direction of the chain. Clearly, due to the pre-deposit mechanism, Plasma has already attracted a lot of activity and attention. Before we dive into the future, I have a question: Why did you decide to use a mechanism where pre-depositing USDT earns an XPL token airdrop? For example, allocating to users who deposit early—this design has already caused a buzz online. Some even say that if you put $1 on-chain, you might get $10,000 in return.

Of course, not everyone can operate at that ratio, but many users have indeed benefited. I think you successfully avoided some of the negative sentiment that similar mechanisms usually trigger. How did you achieve this? Why did you choose this way to reward the Plasma community and Plasma Collective? What's the logic behind this design?

Paul:

I think this is very consistent with our usual way of operating. For example, we set very clear and transparent parameters during the public sale, and anyone could participate. This was very important to us because we wanted to enter the market in an open way and allow more people to participate. In addition, Nathan is responsible for the stablecoin collective work. He has performed very well in this area and achieved remarkable results.

At the same time, I think we have always hoped to make this project a large-scale collaboration driven by the community. Especially for stablecoins, we want users not only to be willing to use them, but to truly like them. Only by promoting from the grassroots can stablecoins truly function and demonstrate their value. I believe the decisions we made regarding token allocation and distribution are basically based on this philosophy, aiming to make the entire ecosystem more aligned with community needs.

Sustainability of Yields on Plasma

Andy:

Let's talk about some current on-chain dynamics. For example, Aave and Ethena's USDE offer very attractive yields, as well as loop operations and the XPL reward mechanism. These have attracted many users. So, what is currently the best way to earn yields on Plasma? How is the entire ecosystem operating? How do you view the sustainability of yield models related to XPL token rewards? How do you hope to turn this yield model into a mechanism that attracts long-term community participants, rather than just a "farm and dump" phenomenon? Can you elaborate on your strategy and vision?

Paul:

Of course, that's a very good question. I think there are indeed many examples where some projects have high TVL (total value locked), but due to a lack of real use cases, they ultimately fail to make substantial progress. We are very aware of this complexity. For us, we have always believed that allocation is key to ensuring network value. As a stablecoin network, you need as many nodes as possible to join to increase the value of the entire network.

One point that may be overlooked is that before the mainnet launch, we had already reached a significant yield partnership with Binance. Through this collaboration, users can deposit directly on Plasma via Binance's platform to Aave. You know, Binance has 280 million users, which is a huge breakthrough for us. Therefore, our overall goal is to achieve larger-scale token allocation through such partnerships, so that the on-chain money market can be used by any user who sees its value.

Of course, relying solely on the native crypto user base is not a sustainable model. Such a user base is usually short-term, and the market is highly volatile. Therefore, our strategy cannot revolve solely around these users, but needs to expand to a broader audience.

Returning to your question about the sustainability of Plasma DeFi, I think a key point is that we need to drive real organic usage. By "organic usage," I mean users use our platform based on actual needs rather than just for rewards. In other words, we cannot just rely on incentives to attract users, but must ensure the platform itself is attractive and meets real user needs. In this regard, I think we've made some progress and will continue to focus on this direction in the future.

Replicating Plasma's Success

Robbie:

Your team really has a unique advantage. Usually, blockchain projects launch their tokens after the mainnet goes live and then start planning the ecosystem, using tokens to attract liquidity. But you achieved these goals before launching the token. This makes me curious—what do you have that other teams can't match?

Paul:

We have the best team.

Robbie:

Do you think other teams will try to copy your approach, but because they can't assemble a team like yours, they might ultimately fail?

Paul:

Yes, I hope so. But if they don't, I might need to have some specific conversations with them. But at the end of the day, I really believe we have an outstanding team. I truly believe that such a smart and long-term oriented team is our greatest advantage. They not only have the ability, but are truly committed to creating something valuable, which is the most valuable asset for any company.

Stablecoins as the Industry's Inflection Point

Andy:

Regarding how other teams participate in this field, I spoke with Jeremy Elair last week. He shared Circle's views on Arc and their chain, as well as Broads' USDC distribution strategy. There are also other competitors, such as Stripe, Circle, and Tether, all trying to build a global stablecoin transfer network.

When talking about competitors, we usually think of large payment processors like Visa. These companies have a market cap of over $50 billion and process trillions in transactions daily. I discussed this topic with Jeremy, and he believes USDC's goal is to be as ubiquitous as Netflix—you can see USDC on smart TVs, smartphones, or smart fridges.

I think Paul's philosophy is similar, and he has already executed it very successfully on a global scale. When talking about Arc and the chain, he sees them as a natural evolution of Web 2.0 technology. For example, you can use Google Chrome on an Apple computer, use streaming services on Apple TV or iPad, play shows on LG or Samsung TVs, and even use Apple products on a Google Chromebook. This fusion of tech stacks is exactly what we're discussing. He is very focused on the idea of "growing the pie" rather than fighting for existing market share. So, I'd like to ask you a question.

In the competitive landscape of stablecoin chains, especially as Plasma is a leader and first mover in this field, what do you see as your advantages? Under the philosophy of "growing the pie," what major contributions do you think Plasma can bring to the industry?

Paul:

I believe stablecoins are at the beginning of an industry inflection point. The current total stablecoins in circulation are about $260 billion to $270 billion, and we believe this market will eventually reach the trillion-dollar level. Many people predict that stablecoin growth will far exceed the past, which makes us very optimistic about the future.

Looking back at our development, the initial problem we faced was not how to compete with payment giants like Stripe, but whether what we were doing really made sense. Why do stablecoins need a dedicated chain? Why not just use Ethereum? Over time, the market's demand for stablecoin chains gradually became apparent, which makes me happy because it reflects real industry needs.

Now, we are indeed in competition with payment giants like Stripe. But our goals and strategies are different from theirs. For example, we don't directly compete with Temple. We believe that winning the industry's "mass adoption" battle is key. No project has truly won in this field yet, including Ethereum and Tron. I believe that in the next two to five years, the definition of "mass adoption" will change. I believe there will be dedicated stablecoin chains in the future, with stablecoin totals reaching hundreds of billions of dollars and daily transaction volumes possibly reaching trillions of dollars. This is the future we are working to build. Therefore, we don't focus too much on small-scale competition, such as Temple or Codex. While I respect these teams and their goals, our direction is much grander.

The Impact of a Saturated Stablecoin Market

Robbie:

Another notable change is the market's acceptance of stablecoins. There is now consensus that stablecoin circulation will reach the trillion-dollar level. This is not only the result of market development, but also part of US government financing. Stablecoin companies are being used as a tool for issuing debt, which further drives stablecoin development. I'm curious, when the stablecoin ecosystem reaches a trillion-dollar scale, what impact will it have on the industry?

People like Arthur Hayes believe that stablecoin growth will bring huge leverage to DeFi applications. But more specifically, for some DeFi applications on Plasma, and the changes in market competition you've observed, how do you think the industry landscape will evolve? What are the stages of change from now to reaching a trillion-dollar scale? How do you see this transition from today to the future?

Paul:

This is a very complex question involving changes on multiple levels. But I firmly believe the future you describe is achievable. I think the process of achieving this goal will be quite complex, especially in the US, where the strategic importance of stablecoins is increasingly recognized. Scott Bessent once mentioned that stablecoins have become a core strategic tool for global dollar monetary policy, because they can attract buyers who have no preference limits on debt pricing. While this may sound like a conspiracy theory, it actually reflects reality. Stablecoins do solve many problems and provide huge development potential for many areas.

Robbie:

The market seems to have accepted this view. So more specifically, as stablecoins further integrate with other systems, how will it affect the blockchain industry landscape?

Paul:

I think the boundaries between on-chain and off-chain will become blurred in the future. In the past few years, institutional entry into crypto and the distinction between DeFi front-end and back-end were hot topics, but only recently have they really started to happen. These two are merging in a very practical way. Our current clients have already started using solutions that connect on-chain and off-chain products. I believe there will be more such products in the future, supporting centralized user interfaces through on-chain processes. This combination of on-chain and off-chain will be a key direction for industry development and is also a major focus for us on Plasma.

Andy:

I completely agree with you. This may also be one of the reasons why you focus on Plasma One product development, right? Because stablecoins have very important use cases in cross-border payments, serving the unbanked, and helping people access strong dollars when they need it most. These are exactly the goals that crypto promised to achieve in 2017, and now crypto technology is regrouping around these use cases.

Paul:

I think one of the core values of crypto is permissionless money. This is a very important concept. Although achieving this goal has taken longer than many people expected, it is now gradually becoming a reality.

Andy:

So, let's talk about the Plasma One app and the Neo Bank vision. Looking five years ahead, what headline would you like to see about the Plasma One app? What is your vision for this app? How do you plan to execute it?

Paul:

I think stablecoins as core infrastructure are the perfect tech stack for building consumer-facing products. On the one hand, they can serve as an entry point for distribution; on the other hand, they can significantly improve the user experience of financial tools. As a long-term stablecoin user, I live in an environment with a sound banking system and access to good fintech products. But I know this is not the case for most of the world. Therefore, I believe products built on stablecoins can provide users with a better experience than traditional banking systems.

This is exactly why we developed Plasma One, and also to showcase the potential of stablecoins. We work with many excellent companies that are also building on Plasma. We do not exclude these collaborations, as they clearly have great value. Plasma is a good example, proving that stablecoins can be used as a foundation to build truly impressive products.

Plasma's Distribution Strategy

Robbie:

Can you elaborate on the core idea of your distribution strategy? I think I understand the concept, but your earlier comments gave me a new perspective. Can you further explain what this strategy means in practice and how you apply it?

Paul:

Of course. Our goal is to build a stable and efficient ecosystem, and the key to all this is network effects. To achieve this, we need to ensure that Plasma's applications can reach as broad a user base as possible, from B2B to B2C. Simply put, our goal is for end users to actually access and use Plasma's features, which is very important. In fact, this is also where Tron excels in the industry—they have strong capabilities in stablecoin distribution and user reach. That's why we value this aspect so much. To drive this goal, we need to develop specific applications that truly showcase Plasma's potential, and Plasma One is one of our core products for this purpose.

Andy:

From theory to practice, the user experience of the Plasma chain seems friendlier than traditional crypto systems. For example, when considering the user base for the Plasma One app, I think of markets like Turkey, Syria, Brazil, and Argentina. Users in these regions are often the main target group for stablecoins like USDT. They typically don't want to deal with complex seed phrases or cumbersome authorization processes. What they need is free transfer services and an easy, safe way to send money to their families. At the same time, these users also want to protect their privacy and even withdraw funds when necessary. While I know blockchain is designed differently from traditional payment systems, traditional payment methods do have advantages in some respects.

Do you think user experience is also an important consideration in the design of the Plasma chain? Will user experience be a particular focus when designing the Plasma One app?

Paul:

Absolutely, I completely agree. That's a great introduction to Plasma One, and I fully support it.

XPL Token Value Accumulation Plan

Andy:

I noticed Visa's market cap is around $50 billion to $60 billion, and other companies processing trillions in payments are in this range as well. Many people are watching how the XPL token can accumulate value and whether it can play a positive role in the Plasma network. Currently, the model of revenue and token buybacks is exciting, but this may only be a short-term phenomenon. However, the crypto ecosystem is constantly evolving, and I think this is a positive trend.

How do you think XPL can become a sustainable asset? For those who want to compare XPL to Circle or other listed companies, can XPL become the best way to access the stablecoin market? How do you make this vision a reality for XPL holders? What would you like to say to them today?

Paul:

Of course, I can share. I think this is something our team has been thinking deeply about. For the Plasma ecosystem, the XPL token must undertake a very core function.

We want to avoid the "fragmented chaos" situation, where many different entities each accumulate some value but fail to form a clear system—this model is ultimately unsustainable. We did face a lot of complexity when designing XPL's value accumulation mechanism, and this is something we've spent a lot of time researching. In the future, we will further elaborate on the details in public. Although it's hard to give a simple and direct answer now, I can say for sure that our entire system design is closely tied to the interests of the community. We will continue to move in this direction while ensuring that the XPL token plays a core role in the ecosystem.

Plasma's Partnership with Tether

Andy:

Tether's co-founder once said in an interview that his mission is to take startups from 0 to 1. He quoted Peter Thiel's book and believes Tether is no longer a startup. So, in the journey from 0 to 100, where is Tether now? His answer was: "I think we're still at 0.25. From here, our potential growth is unlimited. Through innovation, there are still many areas we can disrupt and much to build. Once people understand the real strategy behind every thoughtful action we take every day, they will realize the true potential of this company." He defines Tether as a "once-in-a-century company." In addition, Tether is seeking to raise $2 billion at a $50 billion valuation, and the CFTC has approved stablecoins for settlement in the US traditional derivatives market.

So, how important is Tether to Plasma's future development? Maybe this is a simple question. Also, does your partnership with Paolo to promote stablecoin development have significant policy-level influence, such as at the White House? What does this mean for Plasma?

Paul:

First, if Tether is at 0.25 now, then I think Plasma is probably still at 0.01—we still have a lot to do. Although the goal sounds far away, I think it's a hopeful start. The Tether team has built a truly epoch-making company and achieved remarkable results through long-term strategic decisions. This is also the direction we hope to emulate at Plasma. In the stablecoin field, USDT has already been very successful. I may be biased, but I really think this is a fact. Therefore, we have always built Plasma around the USDT ecosystem. While we support a multi-stablecoin world, Tether's market dominance and extensive distribution network are extremely difficult to replicate. Therefore, we have great respect for Tether and greatly enjoy working with them. I have great respect for Paolo and the entire team.

Robbie:

Given that the crypto industry changes every day,Plasma's successful launch may be the first time some people have heard of the project. For these new users, what is the most important thing you want them to know? Where can they learn more?

Paul:

Everyone can visit our official website plasma.to to learn more. I want everyone to know that our goal is to become the leader in the stablecoin field. I believe stablecoins will become one of the largest financial markets in the world. Simply put, the growth of the global economy is the opportunity for stablecoins, and we hope to have a place in this huge market. Our vision is very clear: global commerce will gradually shift to stablecoins, and Plasma will be an important driving force behind this transition.

Click to learn about ChainCatcher job openings