Stablecoin firm Plasma has stunned the market with a lightning-fast $500 million raise during its public offering on the ICO platform Sonar, achieving its target in just 48 minutes on June 9.
The offering began at 9:00 a.m. ET, allowing users to deposit stablecoins into Plasma’s vaults in exchange for early rights to purchase the project’s native token, XPL. Each participant was capped at $50 million per wallet, and the firm successfully met its late May goal of selling 10% of its total XPL token supply to raise $500 million.
Breakdown of Deposits
According to Arkham, the vault now holds:
$345 million in USDC
$146.1 million in USDT
$7.5 million in USDS
$1.21 million in DAI
Surging Interest in Stablecoins
Plasma’s rapid raise underscores a booming appetite for stablecoin-related projects among venture capital firms, institutional players, and tech giants. The firm’s success suggests growing confidence in stablecoin infrastructure as a critical layer of the evolving crypto economy.
With XPL now firmly backed by hundreds of millions in stablecoin liquidity, all eyes are on how Plasma deploys this capital as it seeks to scale its ecosystem.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/plasma-raises-500-million-in-under-an-hour-through-stablecoin-offering-on-sonar/