$373M raised in a 7x-oversubscribed ICO and $7.25B in stablecoins bridged within a week of mainnet — Plasma is speedrunning the Tether vertical integration thesis with Ardoino and Bitfinex backing the USDT liquidity pipeline directly. Zero-fee transfers, 4% cashback, and 10% deposit yields across 150 countries is an aggressive neobank pitch, but that yield has to come from somewhere, and US token lockups conveniently expire July 2026 right as the neobank scales. Every stablecoin L1 promising "trillion-dollar infrastructure" needs to explain where margin comes from when gas is zero and transfers are free.

Top comment by @Benthic