Stablecoin infrastructure provider Plasma shines with XPL coin trading in the billions right from the start.
After a gradual Ripple (XRP) reserves cut, Coinbase, the largest American crypto platform, is going to expand their reach in the Perpetuals markets with 4 new altcoins, including a fresh XRP rival. A week ago, digital asset reserves of XRP fell by 93.3%, as the OG altcoin’s trading on Coinbase Futures netted just above $100 million on a daily basis.
Namely, these new altcoins include Lombard (BARD), Kamino Finance (KMNO), Anoma (XAN) & Plasma (XPL). The company announced this yesterday on their Coinbase Markets branch on X, highlighting that all Perpetual Future listings will go live on or after 9:30AM UTC, given that the liquidity conditions are met.
Upon the news, Ripple’s (XRP) competitor Plasma (XPL) tacked on to a 17.25% bull rally from the cycle low of $0.835, hit yesterday. So far, XPL’s price topped at $1.693, gaining this level a few days into launch in late September, 2025. The altcoin started publicly trading from as little as $0.10 & now has claimed the 71st position by market cap at $1.754 billion, says SoSoValue.
Trading at $0.98, XPL is capped at 10 billion, which makes it considerably scarcer than Ripple (XRP). Meanwhile, the freshman altcoin’s $2.66 billion in 24-hour trading volume on Thursday tells a tale of high-trading activity on Spot markets, putting XPL in today’s TOP 10 by this metric.
Timing Plasma’s (XPL) listing with the beginning of ‘Uptober’, a historically ultra-bullish month in the world of crypto currencies, Coinbase aims to capture a portion of the skyrising Perpetuals market, currently mostly lead by DeFi crypto exchanges like Aster & HyperLiquid.
With XPL’s high popularity on Spot, Coinbase likely expects similar figures on Perpetuals Futures markets, as Binance & OKX is already garnering $3.23 billion in leverage trading volume on Plasma (XPL), judging from the real-time data by CoinGlass.
