The highly anticipated stablecoin-focused blockchain, Plasma, is set to open its public sale deposit phase tonight at 21:00 Beijing Time. Participants will deposit stablecoins over several weeks, with time-weighted contributions determining their allocation. The offering values the project at a fully diluted valuation (FDV) of $500 million.
What Is Plasma? A Stablecoin-Optimized Blockchain
Plasma is designed as a high-performance blockchain dedicated to stablecoin transactions. Its core features include:
- Support for thousands of transactions per second.
- Zero-fee USDT transfers.
- Settlement reliance on the Bitcoin network (functioning as a Bitcoin sidechain).
- Full EVM compatibility.
- Customizable gas tokens (e.g., USDT, BTC).
- Privacy-focused transactions without compromising compliance.
The project has garnered significant attention due to its rapid fundraising progress and impressive backing from high-profile investors.
Investor Backing and Funding Rounds
Plasma has secured support from prominent names in the venture capital and cryptocurrency sectors:
- In October 2024, Plasma announced a $3.5 million funding round led by Bitfinex, with participation from Christian Angermayer, Split Capital, Anthos Capital, Karatage, and Manifold Trading. Bitfinex CTO and Tether CEO Paolo Ardoino also supported the project.
- By February 2025, the project raised an additional $24 million ($20 million in Series A and $4 million in seed funding). Framework Ventures led this round, with continued participation from Bitfinex and Paolo Ardoino. Notably, Silicon Valley venture capital pioneer and PayPal co-founder Peter Thiel joined the investor list.
- In May 2025, Plasma received strategic investment from Peter Thiel’s Founders Fund. Although the amount was undisclosed, the funding aims to expand Plasma’s team and accelerate adoption in Latin America, the Middle East, and other regions.
Public Sale Structure and Key Details
On May 27, influential KOL Cobie’s angel investment platform, Echo, announced a new public sale platform named Sonar. Plasma will be the first project launched on Sonar.
The public sale aims to raise $50 million by selling 10% of the XPL token supply at a $500 million FDV. Plasma has emphasized that this valuation aligns with its recent equity round led by Founders Fund.
The sale process is divided into four distinct phases.
Deposit Phase
During the initial deposit phase, participants can deposit USDT, USDC, USDS, or DAI into Plasma’s vault contract on the Ethereum mainnet. Funds will be deployed to Aave and Maker Protocol through Veda’s audited custody contract. Depositors will earn yield, which can be claimed when withdrawing on Plasma’s testnet.
Participants accumulate units (time-weighted points) based on their share of the total deposits. These units determine each user’s guaranteed allocation in the XPL public sale.
Deposits can be withdrawn at any time during this phase, but doing so reduces accumulated units. The deposit period will last several weeks, starting with a $250 million cap and gradually increasing. The maximum deposit per user is $50 million.
Locking Phase
Once the deposit window closes, the vault enters a locking phase. No new deposits or withdrawals are permitted during this period.
The lockup will last at least 40 days after the public sale concludes. All stablecoin deposits will be converted to USDT in preparation for cross-chain transfer to Plasma’s testnet.
Sale Phase
After the locking period, the sale phase begins. Users can participate via the Plasma official website using their deposit address. Sonar will manage KYC verification and jurisdiction screening. Participants from the UK, China, Cuba, Iran, Russia, Syria, North Korea, and Ukraine are prohibited. U.S. participants must verify accredited investor status and agree to a 12-month lockup after the sale.
Allocation is determined by each user’s unit balance. Participants can use USDT, USDC, USDS, or DAI to purchase XPL. Any unsold tokens will be proportionally distributed to those who oversubscribed.
Mainnet Launch
Following the sale, Plasma will launch its testnet. XPL tokens will be distributed to buyers, and vault assets will be bridged to the Plasma network. Users can then withdraw USDT directly on the Plasma chain.
Mixed Market Reactions
As the deposit start approaches, community opinions are divided. Supporters argue that Plasma is well-positioned to benefit from stablecoin regulatory breakthroughs and the market momentum around Circle’s recent IPO. With backing from Tether, the leading stablecoin issuer, a $500 million valuation is considered reasonable. Some predict the $250 million hard cap will be filled quickly.
Aave core contributor Marc Zeller commented on the potential capital flow impact: "Starting today, we may see significant outflows of USDT from Aave to Plasma. After user deposits, funds will flow back to Aave through Veda."
Skeptics, however, note that new projects in this cycle have generally launched at lower valuations. Some express concern that Plasma and other high-profile launches like pump.fun could absorb the last of the cycle’s liquidity.
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Frequently Asked Questions
What is the minimum deposit for the Plasma public sale?
There is no minimum deposit requirement. However, your allocation is based on your time-weighted share of the total deposit pool, so larger and earlier deposits receive higher allocation.
Can users from the United States participate in the sale?
Yes, but they must verify accredited investor status and accept a 12-month lockup on purchased XPL tokens after the sale concludes.
What happens if the deposit hard cap is not reached?
The public sale will proceed as long as the minimum funding target is met. The hard cap is a maximum limit, not a requirement for the sale to occur.
How are the deposited funds managed during the locking phase?
All deposited stablecoins are converted to USDT and deployed in Aave and Maker to generate yield for participants during the lockup period.
Is there any advantage to depositing early?
Yes, because units accumulate based on the duration and size of your deposit, early participants maximize their time-weighted share and final allocation.
What is the utility of the XPL token?
XPL serves as the native gas token and governance asset for the Plasma blockchain, enabling zero-fee stablecoin transfers and network security.