Plasma Stablecoin Project Secures $1 Billion in 30 Minutes

Backed by Bitfinex, the Plasma project has increased its deposit limit in stablecoins to $1 billion, a threshold reached in just 30 minutes.

Today we raised the deposit cap to $1 billion, which filled within ~30 minutes.

One of our main goals for the XPL sale is broad participation. After the initial deposit period, we heard from community members who had trouble joining and felt that snipers and bots had too much… pic.twitter.com/eMct9d9QlW

— Plasma (@PlasmaFDN) June 12, 2025

The team explained that this is an opportunity for the community to participate in the upcoming XPL token sale. Deposits grant the right to purchase the asset but do not constitute the sale itself. The terms of the public offering remain unchanged: $50 million will be sold at a fully diluted valuation of $500 million.

The Plasma team emphasized:

“This is not a $1 billion fundraising. Deposits are not the sale itself; the public XPL token sale has not yet begun. All funds will be transferred to the beta version of the Plasma mainnet and will remain fully owned by the depositors.”

According to the developers, the decision to expand the limit was made following community complaints. Some users were unable to deposit funds due to “snipers and bots.” The brief notice was intended to give real participants a chance.

Plasma is an EVM-compatible Bitcoin sidechain designed for free USDT transactions. The project raised $3.5 million in a round led by Bitfinex and $20 million in a Series A.

Plasma became the first project on Sonar, a subsidiary ICO platform from Echo, launched by renowned trader Jordan Fish.

According to Arkham, the project’s deposit contract holds $558 million in USDC, $396 million in USDT, $16.6 million in USDS, and about $3.4 million in DAI.

Earlier in June, the total market capitalization of stablecoins surpassed the $250 billion mark for the first time.