Plasma CEO Paul Faecks has clarified that no team members have sold their XPL allocations. This statement comes in response to rumors following the token’s recent debut.

Faecks Addresses XPL Concerns

The concerns arose when blockchain enthusiasts identified large XPL transactions from team wallets soon after its launch, sparking suspicions that insiders were cashing out early. Critics pointed to the inclusion of former employees from troubled projects like Blast and Blur on Plasma’s team.

Faecks stated on X that no one has sold tokens and all investor and team allocations are locked for three years with a one-year cliff. He emphasized that despite three of the company’s approximately 50 employees previously being associated with Blur or Blast, their team also includes experts from companies like Google, Facebook, Square, Temasek, Goldman Sachs, and Nuvei, suggesting it’s misleading to categorize the team solely as “ex-Blast.”

He further mentioned that Plasma has not hired Wintermute as a market maker and has not contracted their services, adding that they possess no further information regarding XPL ownership beyond what is publicly available. Thus, he restated their commitment to their goal of “building the future of money.” Plasma’s native cryptocurrency XPL went live earlier this week, quickly gaining traction on major exchanges like HyperLiquid, achieving a fully diluted valuation of around $8 billion.

The project is positioned as a blockchain aimed at global money transfers, starting with over $2 billion in stablecoin liquidity and zero-fee USDT transfers during the rollout, integrated with more than 100 DeFi protocols.

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Plasma’s TVL Hits $5.7B

Since its launch, the Plasma mainnet has been gaining traction. According to DefiLlama, its total value locked (TVL) has already surged to $5.69 billion, making it the sixth largest stablecoin network following Ethereum, Tron, Solana, Binance Smart Chain, and Hyperliquid.

The recent launch was supported by months of community initiatives, including a June deposit drive that gathered $1 billion in just over 30 minutes. Additionally, Plasma completed a $50 million public sale that was oversubscribed by $323 million, and a Binance Earn product associated with Plasma USDT reached its $1 billion subscription cap.

The crypto startup is also set to introduce Plasma One, a consumer application envisioned as a stablecoin-native bank for saving, spending, and transferring digital dollars. This product is slated for release later in the year, with Faecks indicating that the company aims to enhance global access to USD, describing stablecoins as “Money 2.0,” capable of unlocking investment possibilities irrespective of local conditions.