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The Stablecoin-First Layer 1 Blockchain That's Quietly Solving Real Problems
In a crypto world full of memes and short-term pumps, Plasma (@Plasma) stands out by focusing on infrastructure that actually matters for global payments. Launched in late 2025, Plasma is an EVM-compatible Layer 1 chain designed specifically for stablecoins. Its killer feature? Zero-fee USDT transfers, made possible through an audited paymaster system that sponsors gas costs for basic transfers. Users don't even need to hold $XPL for simple sends—gas can be paid in stablecoins or sponsored entirely.
The network uses PlasmaBFT for quick finality and supports custom gas tokens, letting apps innovate without forcing users into one payment model. On top of that, there's a trust-minimized bridge to Bitcoin, enabling native BTC use in smart contracts via pBTC. This blends Bitcoin's security with Ethereum-style programmability, but optimized for dollar-based transactions like remittances, merchant payments, or DeFi.
$XPL , the native token, plays a crucial role: validators stake it for consensus rewards, it covers gas for advanced operations, and the EIP-1559-style fee burn adds deflationary pressure over time. With inflation starting at 5% and tapering down, plus over $2B in stablecoin TVL at launch, Plasma has real traction. Partnerships like the massive Binance Earn campaign (which distributed millions in $XPL rewards) helped onboard huge liquidity early.
What excites me most is the long-term vision—making on-chain stablecoin movement feel as seamless as sending an email or using traditional rails, but faster, cheaper, and more transparent. In 2026, as adoption grows beyond crypto natives into institutions and everyday users, projects like Plasma could redefine digital dollars.
Definitely worth watching (and holding a bit of $XPL ). What do you think—will stablecoin L1s like this lead the next wave? $XPL #plasma
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If Ethereum ETFs’ positive inflows continue, they could surpass Bitcoin ETFs in terms of circulating supply held, according to analyst and Dragonfly data scientist Hildobby. The Indexed Podcast host sees Ether’s institutional accumulation of the token’s supply overtaking Bitcoin’s ETF share as early as September.
In an August 18 X post, Hildobby shared two Dune Analytics dashboard snapshots that showed Bitcoin ETFs currently hold 6.38% of the total Bitcoin supply. In comparison, Ethereum ETFs account for 5.08% of Ethereum’s supply.
The data scientist admitted that BTC may be ahead in percentage terms now, but Ethereum ETF holdings against total supply trajectory have outpaced its rival.
In 2025, Ethereum ETFs climbed from holding just over 3.5 million ETH in February to 6.52 million ETH as of August 18. This represents more than 5% of Ethereum’s total circulating supply, a noticeable uptick in only six months. By contrast, Bitcoin ETF holdings have grown at a slower rate.
Projections suggest that if Ethereum continues at this pace, its ETF holdings will surpass Bitcoin ETFs as a proportion of supply at the start of Q4 2025.
See also BTCS to pay out on-chain dividend of $0.05 per share in ETH
Billions flowing into Ethereum funds
According to SoSoValue data, the total value of Ethereum ETFs stood at $27.74 billion as of Tuesday, representing 5.34% of Ethereum’s market capitalization, which currently exceeds $517 billion.
The inflows mark a dramatic increase from June 30, when ETH ETF assets under management totaled $14.6 billion. In slightly more than 30 days leading up to this week, the total holdings jumped by almost 64% to $24 billion.
The largest players in ETF accumulations are BlackRock’s iShares Ethereum Trust ETF, holding $12.1 billion in net assets, and Fidelity’s Ethereum Fund, with $4.8 billion. Together, they account for about 60% share of the broader Ethereum spot ETF market.
Institutional investors have more interest in Ethereum
Along with the influx of ETFs, data from the analytics company CryptoQuant shows that big investors now own 19.2 million ETH, which is the highest concentration ever seen.
Since 2023, these institutions and big holders have steadily increased their exposure. This is in line with Ethereum’s recovery from long market downturns.
Comparison of retail and large investors’ ETH holdings. Source: CryptoQuant
The accumulation trend has coincided with Ethereum’s price rebound, which recently pushed above $4,500. This recovery follows weeks of price corrections between $3,000 to $4,000, which saw many smaller traders exit the market.
See also Ethereum nears ATH as DeFi TVL approaches pre-2022 highs
Retail investors, once a dominant force in Ethereum ownership, have seen their share sharply reduced. Their collective holdings now stand at 8.6 million ETH, down from more than 20 million in 2021.
Moreover, data from StrategicETHReserve.xyz shows Ethereum ETF accumulation was near 3.9 million ETH in February, and has gradually increased through the spring to surpass 6.5 million ETH.
US-listed spot Ethereum ETFs recorded a rare setback on August 15. The funds posted net outflows of $59.34 million, ending an eight-day streak of continuous inflows that had added $3.7 billion in total.
The reversal followed Ethereum’s retreat from near all-time highs, with the asset pulling back from $4,740 to current levels around $4,450. Even so, last week’s inflows amounted to 649,000 ET#H, the largest weekly total ever recorded.
#BTC☀️ $BTC
$ETH