Plasma Stablecoin L1 Soaks Up $4B in 24 Hours as XPL Surges 30% to $1.20, FDV Nears $12B

COINOTAG reported on September 27 that the Plasma stablecoin L1 blockchain absorbed more than $4 billion of on‑chain assets within 24 hours of launch, ranking the network eighth by reported DeFi deposit value as users and protocols locked assets to participate in treasury and liquidity programs.

Market data in the report showed the native XPL token gained roughly 30% from its opening price to about $1.20, producing a reported fully diluted valuation near $12 billion; these figures reflect observed trading and on‑chain metrics rather than forward‑looking forecasts.

COINOTAG noted that the June public sale valuation was approximately $50 million, implying a 24x increase to the current FDV, and that early seed investors on Echo in November could realize returns of up to 324x based on those documented sale prices.