Plasma, a blockchain startup specializing in stablecoins, has successfully raised $500 million in its recent public token offering, significantly exceeding its initial fundraising target.

Plasma’s Record-Breaking Token Sale

On June 9, Plasma announced that its public token sale for XPL sold out within just 40 minutes. Initially, the team aimed to raise $50 million but revised the target twice due to overwhelming demand, first to $250 million and later to $500 million. The final tally saw participation from over 1,100 wallets, with a median deposit of approximately $35,000 per wallet.

The XPL token sale represented 10% of Plasma’s total token supply, leading to a fully diluted valuation of $500 million. Notably, this valuation aligns with Plasma’s earlier equity round, which was supported by prominent investors, including Founders Fund.

Key Details of the Token Sale

  • Participants were required to deposit stablecoins, including USDT, USDC, USDS, and DAI, into an Ethereum-based vault.
  • Plasma adopted a time-weighted deposit model to allocate tokens, rewarding early and longer-held deposits with higher token allocations.
  • All deposits were processed through smart contracts audited by Veda, a trusted blockchain infrastructure firm managing over $2.6 billion in total value locked.

What Is Plasma?

Plasma is a blockchain designed to facilitate fast, scalable, and low-fee stablecoin transactions. As a Bitcoin sidechain fully compatible with the Ethereum Virtual Machine (EVM), it supports a broad range of decentralized finance (DeFi) applications while leveraging Bitcoin’s robust security framework.

The XPL token will serve as the native cryptocurrency of Plasma’s blockchain. By optimizing for stablecoin transactions and enabling zero-fee USDT transfers, Plasma aims to position itself as a high-performance settlement layer for payments, remittances, and DeFi services.

Plasma’s Growth and Investor Backing

Since late 2024, Plasma has attracted significant attention from investors, including Founders Fund, Framework Ventures, and other prominent firms. The project began with a $3.5 million seed round in October 2024, followed by a $20 million Series A in February 2025, led by Framework Ventures and supported by Nomura, Bybit, and 6th Man Ventures.

Plasma’s Role Amid Stablecoin Regulation

Plasma’s successful token sale comes at a time of increasing regulatory focus on stablecoins. For example, U.S. lawmakers recently advanced the GENIUS Act, a bipartisan proposal to establish a federal framework for payment stablecoins. Similarly, the European Union’s Markets in Crypto-Assets (MiCA) framework introduced new regulations for stablecoins, with provisions taking effect in June 2024 and full implementation expected by the end of December.

As the regulatory landscape continues to evolve, Plasma’s focus on secure, scalable, and low-cost stablecoin transactions positions it to capitalize on growing demand for compliant blockchain-based financial solutions.

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