Many people think that on-chain USDT is just a tool for mining and trading, but the emergence of the Plasma chain has changed this perception. This Layer1 public chain is working hard to turn USDT into a truly spendable asset.

The most direct application is its payment services. Rain Card allows on-chain USDT to be converted into credit card limits recognized by 150 million merchants worldwide, meaning you can directly spend USDT anywhere that supports Visa. A real-world scenario is, when users travel in Bangkok, they can settle local currency in real-time using USDT, with exchange rates that are significantly more efficient than traditional currency exchange channels.

The payment network has already expanded to Southeast Asia. Through LocalPay, millions of small merchants in Vietnam can accept USDT via QR code payments and directly exchange them for local currency. The Oobit App offers a broader range of consumption scenarios; after linking a wallet, users can complete transactions at over 100 million Visa merchants. This mode of operation significantly optimizes cross-border remittances and travel expenses.

From a financial perspective, Plasma has become the second-largest on-chain lending market globally. The Syrup protocol's TVL has reached $11 billion, operated by institutional asset management firm Maple, indicating that stablecoin lending is shifting from retail-driven to institutional-level.

On the technical bottom layer, Plasma, as an independent Layer1, can handle over 1000 TPS, providing sufficient infrastructure support for these applications. This complete payment + lending + settlement system is redefining the application boundaries of stablecoins.