Plasma, a stablecoin-optimized layer-1 blockchain, has raised $373 million in an oversubscribed public token sale for its native XPL token – exceeding its $50 million target by over 7x within just 10 days. The sale concluded on July 28, 2025, attracting over 3,000 investors with an average contribution of $83,000 per wallet. This represents one of 2025's largest token sales, distributing 10% of XPL's 1-billion token supply and valuing the project at $500 million post-sale.
U.S. investors face a 12-month lockup, while global participants receive tokens immediately upon mainnet launch. The beta mainnet is scheduled to debut with $1 billion in stablecoin TVL (primarily Tether's USDT), positioning Plasma as the fastest chain to reach this milestone. The network combines Bitcoin's UTXO security model with Ethereum Virtual Machine (EVM) compatibility to enable zero-fee USDT transfers.
The funding follows the July 18 enactment of the U.S. GENIUS Act – the first federal stablecoin regulatory framework – which boosted institutional confidence. Backed by Bitfinex, Founders Fund, Framework Ventures, and Tether CEO Paolo Ardoino (who participated in prior $24 million rounds), Plasma will expand payment infrastructure across Latin America and the Middle East while integrating DeFi protocols like Curve, Aave, and Ethena.