Framework Ventures leads $20 million Series A for stablecoin firm Plasma
Quick Take
- Plasma is building out a blockchain that’s specifically built for Tether’s USD-pegged stablecoin USDT to enable more efficient transactions.
- The firm plans to use its funding to continue developing the Plasma blockchain, which is an EVM-compatible Bitcoin sidechain to facilitate USDT transfers with no fees.
Framework Ventures led a $20 million Series A round for the stablecoin firm Plasma, bringing the company's total funding raised to $24 million.
Plasma is building a blockchain specifically built for Tether's USD-pegged stablecoin USDT to enable more efficient transactions. The firm plans to use its funding to continue developing its network, which is an EVM-compatible Bitcoin sidechain to facilitate USDT transfers with no fees, according to a release shared with The Block.
"With US President Donald Trump signing an executive order to promote the development and growth of dollar-backed stablecoins, we believe that stablecoins will play an important role in global US dollar dominance over the next decade,” said Plasma Founder and CEO Paul Faecks in a statement. “By leveraging Bitcoin as a foundation, zero-fee USD₮ transfers, alongside a purpose-built ecosystem and infrastructure for stablecoins with deep liquidity, Plasma creates the most secure, scalable, and efficient blockchain for stablecoins on the market.”
Plasma previously raised $3.5 million in funding led by Bitfinex in October 2024.
Based on data from The Block's Tether Price Page, USDT is the largest USD-pegged stablecoin in the world, with a market capitalization of $142.42 billion worth of USDT out of the $219.71 billion worth of total stablecoin supply. USDT is also the third largest cryptocurrency by market cap behind bitcoin and ether.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
