The XRP yield program recently made waves among crypto investors as it reached its $250 million cap on Binance in less than sixty minutes. Operated through Plasma, a blockchain startup focused on stablecoins, this exclusive opportunity drew overwhelming interest by offering daily USDT rewards and a generous XPL token airdrop.

How the XRP Yield Program Works

Launched on Binance Earn, the initiative—officially named the Plasma USDT Locked Product—opened at 12:00 UTC on a Wednesday and quickly met its $250 million USDT deposit limit. Managed on a first-come, first-served basis, users could lock USDT in return for daily yields and a chance to earn Plasma’s native token, XPL.

According to Binance’s announcement, the rewards structure includes a daily USDT payout alongside a share of a 100 million XPL token airdrop. This token allotment represents 1% of XPL’s total supply and is scheduled to be distributed following the platform’s token generation event. To ensure fairness, Binance employs daily snapshots of user balances to determine both USDT interest payouts and XPL token eligibility.

Program Capacity and Future Plans

The original capacity of this yield offering was limited to $250 million in USDT. However, Plasma noted in a recent X post that there may be a possibility of raising this cap due to the overwhelming demand. This quick sell-out echoes Plasma’s previous success, where the platform achieved a $1 billion deposit cap in June within just thirty minutes.

Plasma’s Blockchain Vision and Strategic Backing

Plasma is rapidly gaining traction as one of the standout players in the stablecoin ecosystem, particularly for its ability to support fee-free USDT transactions on its Bitcoin-based sidechain. Its strategic focus on stablecoin infrastructure has been supported by investors like Peter Thiel, Paolo Ardoino (CEO of Tether), and Framework Ventures. The company previously secured $20 million in funding to develop this system and later conducted a highly successful token sale that raised $373 million.

The project has achieved significant traction already, including a $1 billion USDT facility that filled in less than half an hour earlier this year. This explosive growth has placed Plasma at the forefront of the emerging blockchain networks designed to facilitate stablecoin transactions.

Growing Trend of Custom Blockchains

Plasma is part of a broader trend where major corporations and blockchain innovators are launching specialized blockchains for optimized asset transfers. From Circle to Stripe, this movement reflects a shift toward custom blockchain solutions uniquely tailored to scalable financial applications. For more insights on this trend, check out Why Circle and Stripe (And Many Others) Are Launching Their Own Blockchains.

Related: XRP Price: $12M Max Pain for Bears

Crypto enthusiasts gathered online as Plasma’s $250M yield product on Binance filled rapidly.