Recently, I have spent a lot of time systematically exploring the stablecoin infrastructure sector, and one project has repeatedly caught my attention—Plasma ($XPL). Honestly, in this era of "new public chains clustering together with similar stories," Plasma's technical approach and market positioning stand out as particularly calm. But it is precisely because of this calmness that it deserves serious attention.

Let me start with a phenomenon that is often overlooked: the assets used daily and frequently on-chain are essentially stablecoins. Whether it’s USDT or USDC, they are no longer just "cryptocurrency assets"—they have become standard tools for cross-border transfers, payment clearing, and fund circulation. The question is—most public chains only passively "support stablecoins" but do not optimize their underlying architecture for stablecoin operations. Plasma is different; from the day it was founded, it explicitly stated: I want to build a Layer1 dedicated to stablecoin settlement.

In terms of technical implementation, Plasma uses Reth (the Rust version of an Ethereum client), achieving full EVM compatibility. This is crucial for developers—payment protocols, clearing logic, DeFi contracts written in the Ethereum ecosystem can be migrated with low barriers, without having to relearn a completely unfamiliar system. What do teams building payment and financial products care most about? Not flashy parameters, but stability, code maintainability, and ecosystem compatibility. Plasma has laid a solid foundation in these fundamental areas.

Regarding the consensus mechanism, Plasma introduces...