Plasma, a startup aimed at Stablecoins, raised an impressive $ 500 million in his latest public token offering, and surpassed its original target.
On June 9, plasma announced On X that is public token sale for XPL sold out in just 40 minutes.
The team was initially planning to pick up $ 50 million, but had to revise it twice, first to $ 250 million, then to $ 500 million, after overwhelming interest of buyers. In total, more than 1,100 portfolios participated in token sale, with a median down payment of around $ 35,000 per wallet.
The XPL sales sale accounted for 10% of the total token stock of plasma, which implies a completely diluted appreciation of $ 500 million, consistent with the appreciation from the earlier stock round, which was supported by the Founders Fund.
Participants in the sale had to deposit Stablecoins in a safe hosted on Ethereum, with support for USDT, USDC, USDS and DAI.
In contrast to traditional token launches of the first, the first comes the first, plasma implemented a time weight deposit model that rewarded early and longer deposits with a greater allocation of tokens.
All deposits were processed through smart contracts that were checked by Veda, a well-drawn up blockchain infrastructure company. At the time of the sale, the controlled contracts of Veda were more than $ 2.6 billion in total value locked, thereby providing credibility and security care insurance policies.
What is Plasma?
Plasma is a blockchain that is designed to make fast, scalable and low-fee stablecoin transactions possible.
It is a Bitcoin -Medenwaren that is completely compatible with the virtual Ethereum machine, so that it can support a wide range of decentralized financing applications, while benefits from Bitcoin’s robust security layer.
The XPL -token will function as the native cryptocurrency of the planned blockchain from plasma.
By optimizing for Stablecoin transactions and the engaging of zero-fee USDT transfers, Plasma wants to position itself as a powerful settlement layer for payments, transfers and Defi services.
Since the end of 2024, Plasma has steadily attracted the attention of top investors, including Founders Fund, Framework Ventures and Bitfinex.
The project started with a $ 3.5 million seed round in October 2024, followed by a Serie A of $ 20 million in February 2025, led by Framework and accompanied by Nomura, Bybit and 6th Man Ventures.
The token sale of plasmas comes at a time when important areas of law promote the Stablecoin regulation around the world.
For example, regulators in the United States recently continued with the Genius Act, a two -fold proposal that would establish a federal framework for payment staboins.
Meanwhile, last year, the markets of the European Union in the Crypto-Assets Framework (MICA) came into effect, with Stablecoin provisions that come into effect in June 2024 and come into force at the end of December.
