Plasma stablecoin layer 1 raises $373M in oversubscribed token sale

Plasma, a stablecoin-focused layer 1 blockchain, has raised $373 million in a public token sale, positioning itself as a major new player in the stablecoin infrastructure space.

According to a statement on Plasma’s official X account, the company raised $373 million in a 10-day token sale that ended July 28. The raise was over seven times its original $50 million target, marking one of the largest token sales in 2025.

Over 3,000 investors participated in the sale, with an average investment of about $83,000 per wallet. In total, 10% of the network’s 1 billion XPL token supply was sold, valuing the project at $500 million. U.S.-based participants face a 12-month lockup period, while global users will receive tokens immediately upon launch.

The network’s beta mainnet is set to launch with $1 billion in stablecoin total value locked, making it the fastest chain to reach that figure, according to the team. The stablecoins, primarily Tether (USDT), will be used to facilitate zero-fee transactions on the network.

Using Bitcoin’s (BTC) UTXO model, Plasma is designed as an EVM-compatible sidechain that combines Ethereum-like functionality with Bitcoin’s base-layer security. With zero-cost USDT transfers, the project aims to tap into the rapidly expanding stablecoin payments market.

GENIUS Act boosts stablecoin confidence

This raise comes after the GENIUS Act, the first U.S. legislation to formally regulate dollar-backed stablecoins, was signed into law on July 18. Investor trust in platforms like Plasma that prioritize institutional adoption and compliance may have increased as a result of this regulatory clarity.

The project has previously raised $24 million across two rounds, including backing from Bitfinex, Founders Fund, Framework Ventures, and Tether chief executive officer Paolo Ardoino. Funds are being used to expand Plasma’s payments infrastructure across Latin America and the Middle East and to onboard decentralized finance services like Curve (CRV), Aave (AAVE), and Ethena (ENA).

As mainnet launch approaches, Plasma’s ability to deliver fee-free transfers and maintain network stability will determine whether it can live up to its early demand and high valuation. Scalability, security, and regulatory compliance in a post-GENIUS Act environment are major obstacles.