Plasma Raises $500M in Token Sale Amid Surging Stablecoin Demand

Plasma, a crypto startup focused on building a blockchain optimized for stablecoins, has raised a staggering $500 million in its public token sale—ten times its original target. The fundraising, conducted on Sonar, a platform created by crypto investor Cobie’s firm Echo, sold out in just five minutes, according to on-chain data from Arkham Intelligence.

Initially set at $50 million, the cap was first raised to $250 million before being lifted again due to overwhelming demand. More than 1,100 wallets participated in the sale of Plasma’s native XPL token, with a median contribution of around $35,000.

The rapid success reflects the growing investor appetite for stablecoin-related infrastructure. Stablecoins like Tether (USDT) and Circle’s USDC have become foundational to crypto payments, remittances, and savings, with the total market supply now exceeding $250 billion. Recent market events, including Circle’s blockbuster IPO and soaring share price, have further fueled interest.

Plasma’s EVM-compatible blockchain aims to bring stablecoin utility directly to Bitcoin, which, despite being the most secure blockchain, hosts little native stablecoin activity. By operating as a Bitcoin sidechain and enabling zero-fee USDT transactions, Plasma hopes to solve key challenges such as high gas fees and scalability issues seen on Ethereum and other networks.

The launch marks a significant shift in attention toward Bitcoin-based innovation in stablecoins, with industry voices like Will Clemente noting that “the people want exposure to stablecoins.”

As crypto adoption expands globally, demand for stablecoin-native infrastructure is expected to grow—and Plasma’s $500 million milestone may be a sign of what’s to come.