Plasma’s XPL Token Sale Raises $500 Million in Five Minutes
Plasma, a crypto startup focused on stablecoin blockchain solutions, secured $500 million in deposits during its token sale, exceeding its initial $50 million target significantly. Key details include:
- The fundraising cap was reached within five minutes, attracting over 1,100 participants.
- The median allocation per wallet was approximately $35,000.
- The offering took place on Sonar, developed by Echo.
- Stablecoins, now valued over $250 billion, are gaining traction for everyday financial transactions.
- Plasma plans to build a sidechain compatible with the Ethereum Virtual Machine (EVM) to enhance stablecoin utility on Bitcoin.
- The platform aims to solve challenges like high fees and scalability, promising zero-fee transactions for Tether's USDT.
This surge in demand for stablecoin exposure follows Circle's successful public market debut, where shares rose significantly from their IPO price. Analyst Will Clemente noted the strong interest in stablecoins, citing Plasma's rapid fundraising success.