Stablecoin infrastructure startup Plasma has raised $373 million in a public token sale, emerging as a new player in the blockchain space.
According to the company’s announcement on X, the sale saw 10% of its total 1 billion XPL token supply purchased, implying a $500 million valuation for the project. While global buyers will receive tokens immediately upon launch, U.S. investors are subject to a 12-month lockup due to regulatory requirements.
The Plasma public sale has ended with $373M+ committed to purchasing XPL, representing more than 7x in oversubscription.
Plasma mainnet beta will launch with $1B in stablecoin TVL, the fastest chain to reach this number in history.
We’re grateful for your support and trust. pic.twitter.com/Pddsoa02c0
— Plasma (@PlasmaFDN) July 28, 2025
The 10-day sale, which concluded on July 28, drew more than 3,000 participants with an average investment of $83,000 per wallet. Originally aiming for $50 million, Plasma overshot its target by more than sevenfold—making this one of the largest token sales so far in 2025.
Plasma’s upcoming beta mainnet is set to debut with $1 billion in total stablecoin value locked (TVL), primarily in Tether (USDT), making it the fastest blockchain to reach that milestone, according to the team. These stablecoins will power zero-fee transactions across the network, targeting mass adoption in the stablecoin payments sector.
Built as an Ethereum Virtual Machine (EVM)-compatible sidechain using Bitcoin’s UTXO model, Plasma seeks to combine Ethereum-like programmability with Bitcoin’s base-layer security. The project’s key value proposition—instant, fee-free USDT transfers—aims to disrupt both consumer and institutional payment flows.
The fundraising success is widely seen as a result of increased regulatory certainty following the signing of the GENIUS Act on July 18, which represents the first formal U.S. legislation governing dollar-backed stablecoins. Industry observers say this clarity has boosted investor interest in compliant and enterprise-friendly platforms like Plasma.
Plasma had previously secured $24 million in two earlier funding rounds with backing from notable players including Bitfinex, Founders Fund, Framework Ventures, and Tether CEO Paolo Ardoino.
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