Plasma's Explosive Token Sale: $500M Raised in Just 40 Minutes!

Holy smokes, the crypto world is buzzing! Plasma, the stablecoin maestros, just pulled off a jaw-dropping $500 million haul in their latest public token offering. These guys smashed their initial target out of the park!

On June 9, Plasma dropped the bombshell on X – their XPL token sale? Sold out in a mind-blowing 40 minutes!

Get this: the team kicked off with a modest $50 million goal, but the demand was off the charts. They had to crank it up not once, but twice – first to $250 million, then all the way to $500 million. Over 1,100 wallets jumped in, with the median deposit hovering around $35,000 per wallet. Insane!

The XPL sale covered 10% of Plasma's total token stash, pegging their fully diluted valuation at a cool $500 million. That's right in line with their earlier equity round, backed by the heavy hitters at Founders Fund.

To join the party, folks had to drop their stablecoins – USDT, USDC, USDS, and DAI – into an Ethereum-hosted vault. Talk about a high-stakes game!

But here's the twist: Plasma didn't go with the usual first-come-first-served gig. Nope, they rolled out a time-weighted deposit model, giving a bigger slice of the token pie to those who got in early and stuck around. Smart move!

And don't worry about security – all deposits went through smart contracts audited by Veda, the blockchain infrastructure gurus. At the time of the sale, Veda's audited contracts were juggling over $2.6 billion in total value locked. That's some serious muscle!

What is Plasma?

So, what's the deal with Plasma? These guys are building a blockchain that's all about fast, scalable, and dirt-cheap stablecoin transactions.

It's a Bitcoin sidechain that plays nice with the Ethereum Virtual Machine, opening the door to a whole world of DeFi apps while tapping into Bitcoin's ironclad security.

The XPL token? That's the lifeblood of Plasma's upcoming blockchain.

By fine-tuning for stablecoin action and making USDT transfers completely fee-free, Plasma is gunning to be the go-to settlement layer for payments, remittances, and DeFi. They're not messing around!

Since late 2024, Plasma has been turning heads among the big dogs – Founders Fund, Framework Ventures, and Bitfinex are all in on this action.

The journey kicked off with a $3.5 million seed round in October 2024, then a $20 million Series A in February 2025, led by Framework and joined by Nomura, Bybit, and 6th Man Ventures. These guys are on fire!

And here's the kicker: Plasma's token sale is dropping right as stablecoin regulations are heating up worldwide.

In the US, the GENIUS Act – a bipartisan move to set up a federal framework for payment stablecoins – is gaining steam.

Meanwhile, over in the EU, the Markets in Crypto-Assets framework (MICA) is already in play, with stablecoin rules kicking in last June and full implementation set for the end of December. It's a wild time to be in the stablecoin game, and Plasma is right at the center of it all!