Plasma, a crypto startup working on optimizing blockchain infrastructure for stablecoins, has attracted $260 million in investor attention. The deposit scramble that the company has generated was evident in its recent token sale that pulled in $500 million in deposits.
Plasma’s XPL token sale was held on Echo’s Sonar platform. In fact, it hit its $150k fundraising cap in just five minutes! Over 1,100 wallets participated in the sale. The median allocation amounted to approximately $35,000.
Originally, the token sale had a target of $50 million. The demand was so great the ceiling was raised to $250 million before finally being capped at $500 million.
As the market for cryptocurrencies expanded, stablecoins like Tether grew to wield significant clout. Aggregate supply of stablecoins has recently exceeded $250 billion. These digital assets are used more and more, as part of everyday life, to make payments, send remittances, save money and more.
Circle, the issuer of USDC stablecoin, whose overall market cap is $60 billion, recently reached the end of its public market debut. The company’s shares skyrocketed, shooting above $110 after an IPO price of $31.
Today, the bulk of stablecoin activity is done on newer blockchain networks like Ethereum, Tron, and Solana. Bitcoin, despite being the oldest and most secure blockchain, has the least activity from stablecoins.
"The people want exposure to stablecoins" - Will Clemente
With the rising demand for stablecoins, Plasma hopes to make the most of that trend by creating a new blockchain dedicated explicitly to them.
