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Plasma doubles stablecoin deposit cap to $1 billion, filled in 30 minutes
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Depositors gain early access rights to buy XPL tokens at $500M FDV
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Clarifies that deposits are not a token raise
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Vault holds over $970M in stablecoins, public sale yet to begin
Deposit Frenzy Reflects High Community Interest
Plasma, a Bitcoin sidechain and stablecoin infrastructure project, has once again hit its deposit cap — this time raising the limit to $1 billion after initially filling $500 million in under an hour. These deposits give users priority access to purchase the project’s XPL token once the public sale begins.
Public Sale Details and Tokenomics
While some assumed the high deposits signaled a token raise, Plasma clarified that the funds are not part of the token sale. Instead, $50 million in tokens will be sold during the public round, at a fully diluted valuation of $500 million. Depositors maintain ownership of their funds, which will be bridged to Plasma’s mainnet beta.
Community Demand Spurs Fast Expansion
The firm cited strong community demand and attempted bot activity as reasons for the short-notice cap increase. The goal was to provide real users a fair chance to participate in the XPL allocation process.
Strategic Backing and Ecosystem Growth
Plasma previously raised $3.5 million in seed funding and $20 million in a Series A round led by Bitfinex. It is also the first launch project of Sonar, the ICO platform built by crypto investor Cobie’s new venture, Echo. As regulatory momentum grows around stablecoins, Plasma is positioning itself at the intersection of high-speed blockchain infrastructure and digital dollar adoption.
