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Binance USDT Yield Hits $250M Cap on Bitcoin Sidechain
The $250 million deposit limit for Binance's new USDT yield product was reached within an hour of launch. Users can now earn 2% APR on their 
$USDT holdings while securing XPL tokens ahead of Plasma's September mainnet.
Plasma founder Paul Faecks told reporters the partnership aims to establish the Bitcoin sidechain as the primary network for #stablecoin operations. The network focuses exclusively on stablecoin optimizations, including gasless transactions and private $USDT transfers.
Binance depositors will receive 1% of the total XPL token supply once the Token Generation Event occurs. This represents a strategic move to bring #Binance's 280 million users onto the Plasma ecosystem.
The partnership, internally codenamed "Taylor Swift," was kept secret from most Plasma employees until the announcement. #Plasma raised $24 million in funding with backing from Tether CEO Paolo Ardoino and PayPal co-founder Peter Thiel.
