Plasma (XPL), a layer-1 blockchain for stablecoin, successfully raised 500 million USD through Sonar in just a few minutes - far exceeding the initial target of 50 million USD.
Public Sale token XPL "sold out", Plasma raises 500 million USD
On the evening of 09/06/2025, Plasma (XPL), a layer-1 blockchain project for stablecoin, held a public sale on the Sonar platform, a new product launched by famous KOL Cobie and the Echo ecosystem. The result exceeded expectations: 500 million USD in stablecoin was deposited into Plasma's Vault in just a few minutes, far surpassing the initial target of 50 million USD.
This event marks a turning point for the Web3 fundraising model: instead of a traditional sale, Plasma established a four-stage system including Deposit => Lock-up => Public Sale => Mainnet Beta to optimize fairness and transparency for participants.
Data from Plasma shows:
USDC accounts for the largest proportion with 345 million USD.
USDT reached 146 million USD.
The rest comes from USDS and DAI.
A total of 100 million XPL - equivalent to 10% of the total supply - was sold at a price of 0.05 USD/token. Stablecoin deposits (USDT, USDC, DAI, USDS) will be locked for 40 days and converted to USDT before being transferred to Plasma's mainnet beta.
Over 1,100 wallets participated, with a median deposit of 35,000 USD. Notably, only one user purchased the entire 50 million USD allocation according to the public distribution mechanism.
We have reached our deposit cap of $500 million.
— Plasma (@PlasmaFDN) June 9, 2025
We are thrilled that 1,100+ wallets participated, with a median deposit amount of ~$35,000.
Trillions. pic.twitter.com/qjRhsVdHtT
However, according to the analysis account @0xdjma, the Top 10 wallet addresses held 38% of the total allocation, showing significant concentration among a small group.
Meet your new Plasma whales.
— djma (@0xdjma) June 9, 2025
Only 1108 ppl got in. Top 10 got 38% of the cap.
ICOs are not solved. pic.twitter.com/XDxlUYbbvY
On-chain records show that some users spent hundreds of thousands of USD in gas fees, just to obtain a few cents in plasma deposits - reflecting the fierce competition as thousands of investors try to secure a spot in what is seen as the "hottest project in the current market".
This guy spent 100k in gas (230,000 Gwei) to get his deposit in for @PlasmaFDN pic.twitter.com/6G6NCXXy90
— ManaMoon (@ManaMoonNFT) June 9, 2025
bro be spending $5.57 in gas to land $0.000012 in plasma deposits https://t.co/vAGoYzVVmb pic.twitter.com/oupIF7YNmo
— GM ＞|＜ (@0xsudogm) June 9, 2025
Plasma is designed as a Bitcoin sidechain, compatible with Ethereum Virtual Machine (EVM), aimed at supporting DeFi applications and expanding smart contract functionality. The XPL Token plays a role in protocol governance, serves as a bridge to Bitcoin, and promotes stablecoin payment applications. The project claims to have partnered with major DeFi players like Aave, Morpho, Curve, Ethena, and Sky (renamed from MakerDAO) to prepare for payment utilities, cross-border transfers, and stablecoin integration into decentralized finance.
Plasma values the project at 500 million USD, equivalent to the previous private sale completed in February 2025, which raised 24 million USD from major funds such as Founders Fund, Bitfinex, Tether CEO Paolo Ardoino, Cobie, and others.
Plasma stated that the raised 50 million USD will be used to expand the team and develop infrastructure supporting zero-fee USDT transactions - a first step towards building an efficient stablecoin economy and globalization.
Compiled by Coin68
