Plasma, a Crypto startup that develops a blockchain optimized for stableecoins, attracted $ 500 million in deposits to its token sales Monday -10 times more than originally planned.
Fundraising -Cap was filled in five minutes when investors shrinked to earn an award to the token distribution, according to Blockchain data from Arkham Intelligence. The ceiling was lifted from $ 250 million, which had already increased from an original $ 50 million target just two weeks ago.
Over 1,100 wallets participated in the sale of Plasmas XPL token with a median distribution of approx. $ 35,000, the company said in an X -post. The offer was made on Sonar, a public token sales platform built by Echo, a cryptophocused private collection start led by the prominent investor Cobie.
The high demand emphasizes the rising investor interest in stableecoins – Cryptocurrencies tied to traditional currencies such as the US dollar – and the infrastructure that supports them. Stableecoins have become a dominant force in crypto, where total supply exceeds $ 250 billion and is increasingly spent on daily finances such as payments, transfers and savings.
While Bitcoin
remains the oldest and most secure blockchain, most stableecoin activity today occurs on newer networks such as Ethereum, Tron and Solana. Plasma aims to bring built -in stableecoin tools to Bitcoin by building a sidekin fully compatible with Ethereum Virtual Machine (EVM), the software standard that supports much of decentralized financing.
The team says the plasma chain will tackle the most important challenges that stableecoins face about existing blockchains-Inclusive high fees and scalability boundaries to exploit Bitcoin’s security and enable zero fees to Tether’s USDT
.
Plasmas Fundraising follows a series of market signals pointing to increasing appetite for stableecoin exposure. Just last week, Circle (CRCL), issuer of USDC StableCecoin of $ 60 billion, ended, a debut of Blockbuster Public Market, with shares rising over $ 110 from an IPO price of $ 31.
“Circle an additional 20% at Open and Plasmas $ 500 million Public Token Sales Sold out in the first block. The people want exposure to stableecoins,” Crypto Analyst Will Clemente released.
