The blockchain project Plasma, focused on stablecoins, has concluded its public sale of XPL tokens, raising $373 million.
The Plasma public sale has ended with $373M+ committed to purchasing XPL, representing more than 7x in oversubscription.
Plasma mainnet beta will launch with $1B in stablecoin TVL, the fastest chain to reach this number in history.
We’re grateful for your support and trust. pic.twitter.com/Pddsoa02c0
— Plasma (@PlasmaFDN) July 28, 2025
The amount exceeded the target of $50 million by more than seven times. The oversubscription of $323 million allowed for the distribution of unpurchased XPL worth $209,000.
The token launch is scheduled within 40 days. The team will soon return funds from the oversubscription.
“The beta version of the Plasma mainnet will launch with a TVL of $1 billion in stablecoins, marking the fastest achievement of this figure in history,” the project’s statement reads.
In June, the project raised this amount in user deposits. The investments provided the right to purchase XPL.
Upon the mainnet launch, users will gain access to their deposited assets and fully unlocked tokens (except in the United States, where XPL will be unfrozen after 12 months).
Plasma is an EVM-compatible Bitcoin sidechain designed for free USDT transactions. The project received $3.5 million in investments in a round led by Bitfinex and $20 million in a Series A round involving Peter Thiel’s Founders Fund.
Earlier in July, the “meme coin factory” Pump.fun raised $500 million during its token sale. By the end of the month, PUMP prices plummeted below the ICO price.