Plasma Raises $500 Million in Stablecoins Within One Hour

Yigit Taha OZTURK — Mon, 09 Jun 2025 16:30:16 +0000

Sometimes, speed tells more than size in crypto. Raising $500 million in stablecoins in under an hour isn’t just impressive—it’s a clear sign of growing institutional interest in the space. On June 9, blockchain project Plasma opened its stablecoin vault for deposits, and it closed before the hour mark.

At 9:00 a.m. ET, Plasma launched its raise through the ICO platform Sonar, allowing users to deposit stablecoins in exchange for the right to purchase its native token, XPL. By 9:48 a.m., the raise was complete, far surpassing the initial goal of $50 million, which represented 10% of XPL’s total supply. More than 1,100 wallets participated, each averaging around $35,000 in deposits.

First ICO on Sonar Ends in Massive Success

This fundraising event marks the first official project launch on Sonar, a new ICO platform built by Echo, the angel investment initiative created by crypto investor Cobie. Plasma’s launch through Sonar has set a high bar, showing that interest in stablecoin-based ecosystems is at an all-time high.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

According to data from Arkham, the Plasma vault now holds $345 million in USDC, $146.1 million in USDT, $7.5 million in USDS, and $1.21 million in DAI.

Tether Transaction Fees? Plasma Aims for Zero

Plasma is building an EVM-compatible sidechain designed to eliminate transaction fees for Tether’s USDT. This vision has already caught investor attention: in October 2024, Bitfinex led a $3.5 million funding round, followed by a $20 million Series A raise in February 2025.

The broader surge in stablecoin interest among institutions and venture funds played a clear role in the rapid raise. With USDT currently making up 64% of all stablecoin supply, projects like Plasma are positioning themselves at the heart of future infrastructure.

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The post Plasma Raises $500 Million in Stablecoins Within One Hour appeared first on Coin Engineer.

Binance Wallet Announces New Presale Event!

Yigit Taha OZTURK — Tue, 29 Apr 2025 13:52:41 +0000

Binance Wallet is preparing to host its 14th exclusive Token Generation Event (TGE) in collaboration with BSquaredNetwork and PancakeSwap. The event is scheduled for April 30, 2025, from 08:00 to 10:00 UTC, marking another major milestone in decentralized project launches.

Eligibility Criteria to Be Revealed

The required Alpha Points threshold for participation will be disclosed on the morning of April 30, just before the subscription period begins. This ensures that only active and contributing users gain access to this exclusive opportunity.

Click Here to Register on Binance Exchange with a 20% Commission Discount!

Marketing Incentives and Additional Distribution

As part of the campaign, a total of 8,400,000 $B2 tokens will be allocated for future marketing efforts. This move aims to expand the BSquaredNetwork ecosystem and increase its adoption across the crypto space.

Further information and campaign mechanics will soon be available through the Wallet Campaign Portal, expected to go live shortly. Interested participants are advised to stay alert for the official updates.

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