Plasma Raises $500 Million in Oversubscribed XPL Token Sale
Plasma, a blockchain platform specialized for stablecoins, has attracted great attention from the global investment community after successfully raising $500 million in its XPL token public sale, exceeding initial expectations in just 40 minutes.
Demand Surged Beyond All Expectations
According to an official announcement posted on the X platform (formerly Twitter) on June 9, Plasma revealed that the XPL token sale has received explosive interest. Although the initial target was only $50 million, due to overwhelming demand, the company raised the fundraising limit twice to $250 million and finally to $500 million.
A total of more than 1,100 wallets participated with an average contribution of around $35,000 per wallet, indicating exceptionally strong interest from institutional and individual investors.
Fair, Transparent, and Secure Allocation Mechanism
The XPL token sale represents 10% of the project’s total supply, representing a fully diluted valuation of $5 billion, in line with the valuation from the previous round of funding supported by Founders Fund.
Instead of using the traditional “first come, first serve” model, Plasma has adopted a timed deposit model, where investors who deposit stablecoins earlier and commit to holding longer will receive a higher token allocation.
The funds are deposited into an Ethereum vault, which supports a variety of popular stablecoins such as USDT, USDC, USDS, and DAI. All transactions are processed via audited smart contracts by Veda, a reputable blockchain infrastructure company that manages over $2.6 billion in TVL (total value locked).
Plasma Blockchain for Next-Generation Stablecoins
Plasma is designed as a Bitcoin sidechain, fully compatible with the Ethereum Virtual Machine (EVM). This allows it to support a rich DeFi ecosystem while still inheriting the security of Bitcoin's base layer - a rarity in today's blockchain architectures.
Plasma's main goal is to optimize stablecoin transactions, enable fee-free USDT transfers, and become a high-performance settlement layer serving global payment, remittance, and decentralized finance needs.
Backed by leading investors
Since late 2024, Plasma has continuously received strong interest from major venture capital funds. The project launched with a $3.5 million seed round in October 2024, followed by a $20 million Series A in February 2025 led by Framework Ventures, with participation from Nomura, Bybit, and 6th Man Ventures.
Favorable regulatory landscape for stablecoins
Plasma’s massive fundraising event comes as global regulators are actively working on a clear regulatory framework for stablecoins.
In the United States, lawmakers are pushing the GENIUS Act, a bipartisan proposal to establish a federal framework for payment stablecoins. Meanwhile, the European Union has implemented MiCA regulation with provisions related to stablecoins effective from June 2024 and will be fully implemented by the end of 2025.
Summary
Plasma’s $500 million raise in less than an hour demonstrates the strong market confidence in the potential of stablecoins and blockchains to optimize digital financial transactions. With a unique technology combining Bitcoin and Ethereum, along with the backing of leading funds, Plasma is gradually affirming its position as the future payment layer for the global stablecoin ecosystem.
