Plasma CEO Paul Faecks has clarified that no team members have sold their XPL allocations.
His statement came in response to speculation following the token’s recent launch.
Faecks 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 early. Critics also pointed to the presence of former employees from troubled projects like Blast and Blur on Plasma’s team.
Faecks 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 cliff. He 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 known.
The 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 week. The event attracted attention, with the token briefly trending on major exchanges like HyperLiquid, where it reached a fully diluted valuation of around $8 billion.
The 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 launch. DefiLlama 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 Hyperliquid.
The recent launch was backed by months of community campaigns, including a June deposit drive that hit $1 billion in just over 30 minutes. The 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 cap.
The crypto startup is also preparing to release Plasma One, a consumer app designed as a stablecoin‑native “neobank” for saving, spending, and sending digital dollars. The 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.