Bitfinex-Backed Plasma Ends Public Sale with $300M+ Oversubscription

Layer 1 blockchain Plasma’s public sale just concluded with more than $373 million in commitments to purchase $50 million worth of the upcoming XPL token.

In an X post from Plasma today, the Ethereum Virtual Machine (EVM)-compatible, stablecoin-focused chain said it will launch its mainnet beta with $1 billion in total value locked.

The chain is backed by Tether’s sister-company, Bitfinex, which is responsible for the management and launch of the cross-chain iteration of USDT, USDT0. Once launched, the chain promises fee-free transfers of USDT.

USDT is the world’s largest stablecoin, with a total market capitalization of about $164 billion, accounting for more than 61% of the total $265.7 billion stablecoin valuation.

The stablecoin sector has been particularly hot in 2025, in part buoyed by the success of USDC-issuer Circle’s IPO, which skyrocketed nearly ten times its IPO valuation of $31 to a high of $299. CRCL currently trades at $190, or a $42.8 billion market capitalization.

Massive Stablecoin Demand

The high demand for Plasma’s XPL token resulted in a controversial cap raise during the initial access vault deposit phase, where users were required to deposit USDT to Plasma’s vaults to earn the right to purchase XPL tokens in the public sale, which just finished today.

The vault phase was originally set to be capped at $250 million, with a $50 million max per wallet allocation, meaning that just five wallets could fill the entire sale. The $250 million filled nearly instantly, and was quickly hiked to $500 million, which also filled in minutes.

One week later, Plasma raised the caps for the last time to $1 billion, which again, filled almost instantly. While the $1 billion vault fill displayed the massive on-chain demand for stablecoin exposure, some users felt slighted that their allocations were diluted by 75%.

Zaheer Ebtikar, the founder of Split Capital took to X after the announcement today and said “At $373m+ @PlasmaFDN is the largest publicly confirmed oversubscription in liquid crypto in recent history. Another way to frame it is that there’s now a $323m+ price floor at $500m valuation but odds seem decent that we don’t ever see it.”