Plasma Blockchain Raises $373M in Oversubscribed Token Sale

Plasma, a stablecoin-focused Layer 1 blockchain backed by Bitfinex, has raised $373 million in a 10-day public token sale, surpassing its $50 million target by more than sevenfold and valuing the project at $500 million. The sale distributed 10% of its 1 billion XPL token supply to over 3,000 unique wallets, reflecting strong retail and institutional demand for scalable, low-cost blockchain infrastructure designed for global stablecoin transfers. Plasma combines Bitcoin’s UTXO model with the Ethereum Virtual Machine to enable fee-free USDT transfers, aiming to bridge Bitcoin’s security with Ethereum’s programmability and positioning itself as a competitor to existing Layer 1 networks. The fundraising success builds on earlier rounds supported by Bitfinex, Framework Ventures, and Peter Thiel’s Founders Fund, underscoring investor confidence amid heightened regulatory scrutiny. This surge in funding coincides with the Trump administration’s signing of the GENIUS Act, the first U.S. legislation targeting stablecoin oversight, which provides greater regulatory clarity for projects like Plasma. Despite ongoing legal challenges facing Bitfinex, the market focus remains on Plasma’s innovative technology and its potential to address scalability and compliance in the stablecoin sector.