Crypto:
34800
Bitcoin:
$104.865
% 0.68
BTC Dominance:
%63.8
% 0.06
Market Cap:
$3.27 T
% 0.15
Fear & Greed:
63 / 100
Bitcoin:
$ 104.865
BTC Dominance:
% 63.8
Market Cap:
$3.27 T

Plasma Raises $500 Million in Stablecoins Within One Hour

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.


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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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