Plasma Project Raises $1 Billion in Deposits in Half an Hour
Date: 2025-06-13 Author: Henry Casey Categories: CRYPTO PAYMENTS
The developers emphasized that these deposits provide the right to participate in the upcoming public offering of the XPL token, but are not part of the sale themselves. At the same time, the main terms of the token sale remain the same: it is planned to sell $50 million tokens with a total project valuation of $500 million.
The Plasma team separately noted that raising $1 billion is not a direct fundraising. All deposited assets will be transferred to the beta version of the main network and will remain at the disposal of users until the start of the sale itself.
The increase in the limit was a response to community complaints: many participants were unable to deposit funds on time due to the activity of automated programs and "snipers". So the team decided to give real users another chance by publishing a limited-time notice.
The Plasma project is an EVM-compatible Bitcoin sidechain that is focused on implementing free USDT transactions. It received $3.5 million in early funding from Bitfinex and raised another $20 million in Series A funding.
Plasma was also the first project to be listed on the new Sonar ICO platform, a spin-off of Echo. The platform was launched by renowned crypto trader Jordan Fish.
According to Arkham, the Plasma deposit smart contract holds about $558 million in USDC, $396 million in USDT, $16.6 million in USDS, and about $3.4 million in DAI.
Let us recall that on June 2, 2025, the total capitalization of stablecoins exceeded the $250 billion mark for the first time, which underlines the growing interest of investors in stable digital assets against the backdrop of instability in the crypto market.
