Plasma reaches its $500 million stablecoin vault deposit cap across 1,100 wallets within an hour
Quick Take
- Plasma’s rapid raise completes the firm’s late May goal of raising $50 million by publicly offering 10% of the firm’s XPL token supply.
- The project noted that over 1,100 wallets participated in the Monday raise, with deposits averaging at $35,000.
The stablecoin firm Plasma reached its $500 million stablecoin deposit cap within an hour through the initial coin offering (ICO) platform Sonar.
Plasma opened up its stablecoin deposits around 9:00 a.m. ET on June 9. By depositing stablecoins into Plasma's vault, users earn the right to purchase the project's token, XPL, according to Plasma's website. Individual deposits were capped at $50 million.
The firm reached its goal of $500 million in deposits by 9:48 a.m. ET, which in late May was initially set at $50 million, by selling its XPL token. The speedy fundraise follows broader interest in stablecoins among venture firms, institutions, and even major tech companies.
The crypto data tracker Arkham shows that Plasma's USD stablecoin vault now contains $345 million in USDC, $146.1 million in USDT, $7.5 million in USDS, and $1.21 million in DAI.
Jordan Fish, the high-profile crypto trader known by his pseudonym Cobie, launched the angel investing platform Echo in March, aiming to unify the largely fragmented angel investments in crypto startups. Echo then unveiled its subsidiary for initial coin offerings called Sonar in late May. Plasma was Sonar's first project.
Plasma develops an EVM-compatible sidechain that aims to eliminate transaction fees for Tether's stablecoin USDT. Bitfinex led Plasma's $3.5 million funding round in October 2024, with Plasma raising an additional $20 million in Series A funding in February, The Block previously reported.
The Block reached out to a Plasma spokesperson for company comment.
USDT is the most popular USD-pegged stablecoin, comprising 64% of the overall stablecoin supply, The Block's Data Dashboard shows.
Update: June 10, 13:09 UTC: Clarified that $50 million in deposits was the initial goal.
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