Plasma Raises $373M in Oversubscribed Token Sale for Stablecoin Blockchain

Plasma has completed a $373 million public token sale for its stablecoin-focused blockchain, achieving more than seven times oversubscription in what ranks among 2025's largest token offerings.

The 10-day sale concluded July 28 with over 3,000 investors participating, representing an average investment of approximately $83,000 per wallet. Plasma sold 10% of its total 1 billion XPL token supply, establishing a $500 million network valuation based on the offering structure.

"The Plasma public sale has ended with $373M+ committed to purchasing XPL, representing more than 7x in oversubscription," the company announced on social media. "Plasma mainnet beta will launch with $1B in stablecoin TVL, the fastest chain to reach this number in history."

The blockchain positions itself as purpose-built infrastructure for stablecoin adoption, operating as a Bitcoin sidechain with EVM compatibility. The network features zero-fee transfers for Tether's USDT stablecoin, targeting the rapidly expanding stablecoin payments market.

Global investors will receive tokens immediately upon network launch, while U.S.-based participants face a 12-month lockup period. The mainnet beta will launch with $1 billion in stablecoin total value locked, primarily consisting of Tether tokens to facilitate the zero-fee transaction model.

The token sale follows Plasma's $24 million funding rounds completed in February, which included Seed and Series A investments led by Framework and Bitfinex/Tether. Notable participants included DRW/Cumberland, Bybit, Flow Traders, 6th Man Ventures, IMC, and Nomura, alongside strategic angels including Paolo Ardoino, Peter Thiel, and other industry figures.

Plasma's architecture combines Bitcoin's security model with Ethereum-compatible smart contract functionality. As a Bitcoin sidechain, the network features a trust-minimized BTC bridge and anchors state roots to Bitcoin's blockchain for enhanced security.

The network's specialized approach contrasts with general-purpose blockchains by optimizing specifically for stablecoin use cases, potentially offering performance advantages for payment applications and cross-border transfers.

"Plasma is uniquely positioned in the market, and we aim to capture the trillion-dollar stablecoin opportunity starting with USDT, issued by Tether," the company stated during its funding announcement. "USDT is the largest stablecoin worldwide and commands nearly a 70% market share."

Paolo Ardoino, CTO at Bitfinex and strategic backer of Plasma, emphasized the infrastructure need for stablecoin growth. "With strong growth in both supply and users, we are entering a new phase of mainstream adoption for stablecoins. To meet this challenge, it's more important than ever to have secure, decentralized, and scalable infrastructure in place," he said in February, following the successful funding rounds.