Plasma Raises $500M in Minutes Amid Soaring Demand for Stablecoin Infrastructure
Fresh off the heels of Circle’s blockbuster IPO, investor appetite for stablecoin-focused projects is surging—now evidenced by Plasma’s $500 million token sale, which sold out in minutes on Monday.
Originally aiming to raise $50 million, the crypto startup raised its cap multiple times due to overwhelming interest, finally settling on a $500 million ceiling that was filled within five minutes, according to on-chain data from Arkham Intelligence.
10x Target, 1,100+ Wallets, One Frenzied Launch
The sale of XPL, Plasma’s native token, saw over 1,100 wallets participate, with a median investment of roughly $35,000, the team said via X (formerly Twitter). The offering was conducted through Sonar, a public token sale platform developed by Echo, a crypto fundraising firm led by well-known investor Cobie.
Why the Hype?
Plasma is building a Bitcoin sidechain optimized for stablecoin utility, fully compatible with the Ethereum Virtual Machine (EVM)—a first-of-its-kind infrastructure play aiming to combine Bitcoin’s security with Ethereum’s programmability.
The chain is designed to tackle longstanding pain points for stablecoins—such as high gas fees and scalability issues—while enabling zero-fee transactions for Tether (USDT). If successful, Plasma could serve as a next-gen backbone for stablecoin activity on the most secure base layer in crypto.
Bigger Picture: Stablecoins in the Spotlight
The fervor around Plasma’s raise mirrors broader investor interest in stablecoin infrastructure. Just last week, Circle (CRCL), the issuer of USDC, debuted on public markets with shares skyrocketing from $31 to over $110, triggering a new wave of attention toward fiat-pegged assets and the platforms that support them.
“Circle up another 20% at the open and Plasma’s $500M token sale sold out in the first block. The people want exposure to stablecoins,” tweeted analyst Will Clemente, summarizing the sentiment driving this new investment trend.
With over $250 billion in stablecoins now circulating globally, and new financial primitives forming around them, Plasma’s raise highlights the growing urgency to build secure, scalable infrastructure for the future of crypto-based money.
