- P2P USDT weekly transfer amount exceeded $374 billion, a new record.
- Users in regions experiencing high remittances and inflation drove stablecoin activity.
- XPL rose more than 25% in a volatile market.
Cryptocurrency markets remained weak on Wednesday, with Bitcoin trading below $111,000.
Altcoins then show significant selling pressure, but In the recent sell-off, Plasma’s XPL rose over 25% in the past 24 hours.
High stablecoin activity in Plasma is fueling the current bullish momentum.
L1 Network specializes in transforming stablecoin infrastructure with zero-fee transactions and has recorded over $374 billion in USDT transfers in the past week.
USD₮ peer-to-peer transfers are at an all-time high of more than $374 billion per week, concentrated in high-inflation, high-remittance corridors. Plasma will expand these local cash agent networks, allowing trillions of digital dollars to be bought, sold, and spent anywhere.
This marks a new all-time high for P2P transactions on layer 1 blockchains.
The announcement is consistent with bullish sentiment towards the project.
For example, the native token XPL has risen more than 25% in the past 24 hours.
This is a surprising performance considering the overall market weakness.
Meanwhile, regions with high remittances and inflation are seeing this increase as more individuals use plasma to send money and accumulate wealth in digital dollars.
X’s post highlights the following points:
USDT peer-to-peer transfers are at an all-time high of more than $374 billion per week, concentrated in high-inflation, high-remittance regions.
Meanwhile, the significant increase in transactions is in line with Plasma’s vision of building a payment system around stablecoins.
Stablecoins: The missing gap in TradFi
Stablecoins are attracting attention as an essential tool for the new global financial system.
Regions facing high transfer fees and rising inflation are turning to these assets to enjoy financial freedom.
Plasma allows you to send and receive USDT almost instantly with zero fees.
This provides the efficiency that individuals need when conducting their day-to-day transactions.
Perks like these attract real-world adoption and drive Plasma’s growth.
The huge volume of P2P transactions shows how stablecoin payments are becoming more integrated into our daily lives, going beyond tech enthusiasts and traders.
Building the foundation for a digital dollar
Plasma is a blockchain project primarily designed for stablecoin transfers.
This allows users to send and receive USDT without fees, as well as utilize custom gas tokens.
This allows us to flexibly accommodate diverse communities and economies.
With current success, the team plans to expand local cash agencies to allow people to buy, sell, or spend digital dollars. They said:
Plasma will expand these local cash agent networks, allowing trillions of digital dollars to be bought, sold, and spent anywhere.
XPL price outlook
Plasma’s native token toggles trading at $0.5165 after briefly falling from its intraday peak.
XPL is still up over 16% on the daily chart, showing momentum as the bears dominate the overall market.
Moreover, its growth appears to be organic due to the increase in P2P transactions.
This could support a continued upward trend in the asset.
Buyers are targeting resistance near $0.65, which would represent an increase of about 20% from the prevailing price in the XPL market.
Once this hurdle is crossed, the alternative’s trajectory changes to bullish, supporting a long-term rally with the psychological mark of $1 as a long-term target.
Nevertheless, under the current broad market sentiment, XPL is unlikely to extend its near-term upside.
Bears are dominating the trend as buyers brace for an impending rebound, citing a history of bullish performance in October.
