Funds Raised to the Tune of $373 Million through Oversubscribed Token Sale for Stablecoin-focused Blockchain Network - Plasma
In a significant move for the stablecoin market, Plasma, a blockchain focused on stablecoin solutions, has successfully completed a $373 million public token sale. The sale, which concluded on July 28, attracted over 3,000 investors and was more than seven times oversubscribed, ranking among 2025's largest token offerings.
Paolo Ardoino, CTO at Bitfinex and a strategic backer of Plasma, emphasized the infrastructure need for stablecoin growth. He highlighted that Plasma's network is designed to meet the challenges of mainstream stablecoin adoption, with a focus on security, decentralization, and scalability.
Plasma's mainnet beta will launch with $1 billion in stablecoin Total Value Locked (TVL). This makes it expected to be the fastest chain to reach this amount in history. As a Bitcoin sidechain, the network features a trust-minimized BTC bridge and anchors state roots to Bitcoin's blockchain for enhanced security.
Notable participants in the sale included DRW/Cumberland, Bybit, Flow Traders, 6th Man Ventures, IMC, Nomura, Paolo Ardoino, Peter Thiel, and other industry figures. The network features zero-fee transfers for Tether's USDT stablecoin, potentially offering performance advantages for payment applications and cross-border transfers.
Plasma's architecture combines Bitcoin's security model with Ethereum-compatible smart contract functionality. The Seed- and Series-A financing for the Plasma project, completed in February 2022 for $24 million, was conducted by investors including Cherry Ventures, UVC Partners, and Visionaries Club. This sale established a $500 million network valuation based on the offering structure.
Plasma aims to capture the trillion-dollar stablecoin opportunity, starting with USDT, which commands nearly a 70% market share. The sale of 10% of its total 1 billion XPL token supply saw an average investment per wallet of approximately $83,000.
With its focus on stablecoin use cases and its unique combination of security, decentralization, and scalability, Plasma positions itself as purpose-built infrastructure for stablecoin adoption. As the stablecoin market continues to grow, Plasma's mainnet beta launch promises to be a significant step forward in the industry.
