Plasma, a startup focused on stablecoins, raised an impressive $500 million in its latest public token offering, far surpassing its initial target.
On June 9, Plasma announced on X that its public token sale for XPL sold out in just 40 minutes.
The team initially planned to raise $50 million but had to revise it twice, first to $250 million, then to $500 million, after overwhelming interest from buyers. In total, more than 1,100 wallets participated in the token sale, with a median deposit of approximately $35,000 per wallet.
The XPL token sale accounted for 10% of Plasma’s total token supply, implying a fully diluted valuation of $500 million, consistent with the valuation from its earlier equity round, which was backed by Founders Fund.
Participants in the sale were required to deposit stablecoins into a vault hosted on Ethereum, with support for USDT, USDC, USDS, and DAI.
Unlike traditional first-come-first-served token launches, Plasma implemented a time-weighted deposit model that rewarded early and longer-held deposits with a greater allocation of tokens.
All deposits were processed through smart contracts audited by Veda, a well-regarded blockchain infrastructure firm. At the time of the sale, Veda’s audited contracts managed over $2.6 billion in total value locked, lending credibility and security assurances to the process.
What is Plasma?
Plasma is a blockchain designed to enable fast, scalable, and low-fee stablecoin transactions.
It is a Bitcoin sidechain that is fully compatible with the Ethereum Virtual Machine, which allows it to support a wide range of decentralized finance applications while benefiting from Bitcoin’s robust security layer.
The XPL token will function as the native cryptocurrency of Plasma’s planned blockchain.
By optimizing for stablecoin transactions and enabling zero-fee USDT transfers, Plasma wants to position itself as a high-performance settlement layer for payments, remittances, and DeFi services.
Plasma has steadily drawn the attention of top-tier investors since late 2024, including Founders Fund, Framework Ventures, and Bitfinex.
The project kicked off with a $3.5 million seed round in October 2024, followed by a $20 million Series A in February 2025, led by Framework and joined by Nomura, Bybit, and 6th Man Ventures.
Plasma’s token sale comes at a time when major jurisdictions across the globe are advancing stablecoin regulation.
For instance, regulators in the United States recently moved forward with the GENIUS Act, a bipartisan proposal that would establish a federal framework for payment stablecoins.
Meanwhile, last year, the European Union’s Markets in Crypto-Assets framework (MICA) came into force, with stablecoin provisions taking effect in June 2024 and full implementation coming into effect by the end of December.
