Plasma’s Successful Token Sale

Stablecoin-focused blockchain Plasma has closed its public token sale with $373 million in commitments, exceeding its target of $50 million by over seven times.

According to available data, the sale experienced an oversubscription of approximately $320 million, with around $209,000 worth of XPL tokens remaining unsold. The token’s launch is anticipated to occur within 40 days, and refunds for overcommitted funds will be processed soon.

At launch, the Plasma network will hold $1 billion in stablecoins, making it the fastest blockchain to achieve this milestone.

Plasma is an Ethereum Virtual Machine (EVM)-compatible Bitcoin sidechain designed to facilitate fee-free stablecoin transfers, starting with Tether’s USDT.

Entering a competitive market dominated by Tron and Ethereum, both of which process billions in daily stablecoin transfers, Plasma has garnered investment from notable backers including Peter Thiel’s Founders Fund, Framework Ventures, and Bitfinex.

U.S. investors will have a 12-month lock on their tokens, while those outside the U.S. will see their XPL tokens unlocked at launch.