This report evaluates Plasma, an EVM-compatible Bitcoin sidechain designed around stablecoin usage, to assess whether it functions as a legitimate stablecoin-native Layer-1 or simply a narrative-driven token proxy. It explores Plasma’s technical design, Bitcoin anchoring model, and zero-fee stablecoin features, while contextualizing its viability against the broader failure of stablecoin-specialized infrastructure. The analysis focuses on the gap between product fundamentals and market perception, ultimately framing Plasma as a test case for whether deep liquidity and narrative alignment—particularly with Tether—can sustain token demand absent proven use cases.
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