Plasma Closes $373 Million Public Token Sale Exceeding Initial Target
Plasma, a stablecoin-focused blockchain, has completed its public token sale, raising $373 million, significantly exceeding its $50 million target.
- The oversubscription reached approximately $320 million, with around $209,000 worth of XPL remaining unsold.
- The token launch is expected within 40 days, and refunds for overcommitted funds will be processed soon.
- At launch, Plasma aims to hold $1 billion in stablecoins, making it the fastest blockchain to achieve this milestone.
- Plasma operates as an Ethereum Virtual Machine-compatible Bitcoin sidechain, offering fee-free transfers of Tether's USDT.
- The project competes in a market led by Tron and Ethereum, which handle billions in daily stablecoin transactions.
- Notable investors include Peter Thiel’s Founders Fund, Framework Ventures, and Bitfinex.
- U.S. investors will face a 12-month lock on their tokens; however, XPL will be unlocked at launch for other global investors.