Plasma Raises $500M in Oversubscribed XPL Token Sale, Valuation Hits $500M

Plasma, a blockchain startup focused on stablecoins, raised $500 million in its public token sale for XPL, exceeding its initial target of $50 million. The token sale, which sold out in 40 minutes, implies a fully diluted valuation of $500 million, consistent with the valuation from its earlier equity round. Plasma aims to position itself as a high-performance settlement layer for payments, remittances, and DeFi services, with a focus on fast, scalable, and low-fee stablecoin transactions. The project has attracted top-tier investors and comes amid advancing stablecoin regulation globally.

Plasma, a blockchain startup focused on stablecoins, has successfully raised $500 million in its public token sale for XPL, surpassing its initial target of $50 million. The token sale, which sold out in 40 minutes, implies a fully diluted valuation of $500 million, consistent with the valuation from its earlier equity round. The rapid success of the fundraising event underscores the growing investor appetite for stablecoins and related infrastructure.

The Plasma project aims to position itself as a high-performance settlement layer for payments, remittances, and DeFi services, focusing on fast, scalable, and low-fee stablecoin transactions. By leveraging Bitcoin's security and Ethereum's compatibility, Plasma aims to address key challenges faced by stablecoins on existing blockchains, such as high fees and scalability limits.

The token sale was conducted on Sonar, a public token sale platform built by Echo, a crypto-focused private fundraising startup led by prominent investor Cobie. Over 1,100 wallets participated in the sale, with a median allocation of roughly $35,000. The fundraising cap was initially set at $250 million, which was later increased to $500 million, reflecting the overwhelming demand for the token.

The outsized demand for Plasma's XPL token is a clear indication of the surging investor interest in stablecoins. Stablecoins have become a dominant force in the crypto industry, with total supply surpassing $250 billion. They are increasingly used for everyday financial activities such as payments, remittances, and savings.

The success of Plasma's token sale comes amidst a broader trend of rising interest in stablecoins. Just last week, Circle, the issuer of the $60 billion USDC stablecoin, completed a blockbuster public market debut, with shares surging over $110 from a $31 IPO price.

Plasma's fundraising follows a string of market signals pointing to rising appetite for stablecoin exposure. The project's goal is to enhance stablecoin utility on Bitcoin by creating a sidechain compatible with the Ethereum Virtual Machine (EVM), the software standard that underpins much of decentralized finance.

The rapid and successful token sale is a significant milestone for the stablecoin sector and highlights the potential for innovative blockchain projects to attract substantial investment. As stablecoin regulation advances globally, projects like Plasma are poised to play a crucial role in shaping the future of the crypto industry.

References:
[1] https://www.coindesk.com/markets/2025/06/09/plasmas-xpl-token-sale-attracts-500m-as-investors-chase-stablecoin-plays
[2] https://www.theblock.co/post/357450/plasma-completes-its-500-million-stablecoin-vault-raise-across-1100-wallets-within-an-hour
[3] https://decrypt.co/324237/plasma-500-million-ico-trader-spent-100k-ethereum-gas/