Plasma's One-Year Cliff Ends September 25 for Team and Investor XPL

Plasma's team and investors reach the end of their one-year lock on Friday, 25 September, the first anniversary of the network's mainnet beta. BeInCrypto's weekly supply tally, published on Monday morning, counts about 1.76 billion XPL coming free and puts that at 63.2% of the tokens already released and values it at $159.91 million. KuCoin's daily report, also out on Monday, gives the same share and about $158 million. CryptoTicker counts more tokens. BeInCrypto puts all scheduled releases this week above $900 million, and Plasma is the largest item on its list.

Where the tokens come from

Plasma is a Layer 1 blockchain built for stablecoin transfers. It launched with 10 billion XPL, according to the tokenomics page in its own documentation. The split is 40% to ecosystem and growth, 25% each to the team and investors, and 10% to a public sale. The team and investor schedules are identical. Public-sale buyers came free earlier. Non-US purchasers received their tokens in full at launch, the documentation says, while buyers in the United States sat through a 12-month lockup that ended on 28 July 2026.

"One-third of the XPL team tokens are subject to a one-year cliff from the public launch," Plasma's documentation says.

A cliff is a date before which nothing vests and on which a block comes free at once. One-third of each 2.5 billion allocation is 833.33 million. That is exactly what BeInCrypto lists for the team and for investors, with another 88.89 million for ecosystem and growth. The remaining two-thirds then vest monthly until 25 September 2028. CryptoTicker names Founders Fund, Framework and Bitfinex among the investors. Plasma competes for stablecoin traffic with newer entrants such as Circle's Arc, which opened its mainnet last week.

Three counts for one date

The totals differ, and the reason shows in the breakdowns. CryptoTicker, writing on 1 September, adds a first monthly installment of 69.44 million XPL for each group on the same day. That lifts the team and investor total to 1.81 billion, about 65% of the 2.78 billion then circulating, and to 1.89 billion once the ecosystem tranche is added. BeInCrypto's list has no such installment. KuCoin's report gives a share and a dollar value but no token count of its own. The dollar values split along the same lines. BeInCrypto's $159.91 million and KuCoin's $158 million were published on Monday, while CryptoTicker's roughly $152 million used a 1 September price of about $0.084. The counts do not reconcile. Neither account addresses the other's method.

A token already far off its peak

The cliff arrives on a token that has lost most of its value. CryptoTicker had XPL about 95% below its $1.68 high of 27 September 2025, with a market value near $234 million and a fully diluted value near $843 million as of 1 September. By its count circulating supply rises to roughly 4.67 billion after Friday, and monthly releases continue for two more years. CryptoTicker puts that monthly flow at roughly 227.8 million XPL through September 2028. Stablecoin payments are the business Plasma is betting on, and Visa now reports stablecoin settlement at a $20 billion yearly pace across its own network.

Tokens that vest are not automatically sold, as CryptoTicker points out. What holders do with them will show on-chain from Friday. None of the accounts read here quotes Plasma or its investors on plans for the released XPL.