Quick take:
- Individual deposits were capped at $50 million.
- The Plasma stablecoin vault now contains $345 million in USDC, $146.1 million in USDT, $7.5 million in USDS, and $1.21 million in DAI, according to Arkham.
- The stablecoin ICO follows Plasma’s $24 million funding round announced in February.
Plasma has raised $500 million in an initial coin offering of its XPL token. The fundraising took place on Jordan Fish’s (pseudonymously known as Cobie) ICO platform, Sonar, the Echo subsidiary launched last month.
According to the company’s website, by depositing stablecoin into the project’s vault, users earn the right to purchase Plasma’s XPL with individual deposits capped at $50 million.
The fundraising started at 9:00 AM ET and was completed at 9:48 AM ET, amid the rising interest in stablecoin investments.
The Plasma stablecoin vault now contains $345.2 million in USDC, $146.09 million in USDT, $7.5 million in USDS, and $1.21 million in DAI, according to Arkham.
The fundraising follows Plasma’s $24 million funding round announced in February, anchored by Framework Ventures with participation from Bitfinex, Peter Thiel and Tether CEO Paolo Ardoino.
Plasma is building an EVM-compatible sidechain on Bitcoin tailored to Tether’s USDT. Its goal is to eliminate the fees involved in transacting with the USDT stablecoin.
Speaking about his company’s decision to build a sidechain specifically focused on stablecoins in February, Plasma co-founder Paul Faecks said in a statement: “You’re just capable of making very different trade-offs if all you care about is how can we be the best product for stablecoins.”
This allows Plasma to eliminate various fees associated with supporting additional fancy services that blockchains use to enable NFT trading, meme coins, or token airdrops.
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