Plasma Stablecoin Project Raises $1 Billion in Just 30 Minutes

The Bitfinex-backed project Plasma has raised its deposit limit for stablecoins to $1 billion. This new threshold was reached in just 30 minutes.

The team explained that this is an opportunity for the community to participate in the upcoming XPL token sale. While deposits grant the right to purchase the asset, they do not constitute the sale itself. The terms of the public offering remain unchanged: $50 million will be sold at a fully diluted valuation of $500 million.

The Plasma team emphasized:

“This is not a fundraising effort for $1 billion. Deposits are not the sale itself, as the public token sale for XPL has yet to begin. All funds will be redirected to the beta version of the Plasma mainnet and will remain fully owned by the contributors.”

According to the developers, the decision to increase the limit was made after receiving complaints from the community. Some users were unable to deposit funds due to «snipers and bots.» The brief notification was intended to give real participants a chance.

Plasma is an EVM-compatible sidechain of Bitcoin, designed for free USDT transactions. The project has raised $3.5 million in a round led by Bitfinex and $20 million in Series A funding.

Plasma was the first project on Sonar, an ICO platform subsidiary of Echo, launched by renowned trader Jordan Fish.

According to Arkham, the project’s deposit contract currently holds $558 million in USDC, $396 million in USDT, $16.6 million in USDS, and approximately $3.4 million in DAI.

As a reminder, on June 2, the total market capitalization of stablecoins surpassed the $250 billion mark for the first time ever.