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Stablecoin-Focused Bitcoin Sidechain Plasma Draws $373M in Oversubscribed Token Sale
The Plasma network will hold $1 billion in stablecoins at launch and offer fee-free stablecoin transfers.
Updated Jul 28, 2025, 2:50 p.m. Published Jul 28, 2025, 2:20 p.m.
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What to know:
- Plasma, a stablecoin-focused blockchain, has closed its public token sale with $373 million in commitments, exceeding its $50 million target.
- The Plasma network will hold $1 billion in stablecoins at launch, which would make it the fastest blockchain to reach that figure, and offer fee-free stablecoin transfers.
- The project has secured funding from prominent backers, including Peter Thiel's Founders Fund, and is set to launch within 40 days, with token refunds for overcommitted funds to be processed soon.
Stablecoin-focused blockchain Plasma has closed its public token sale with $373 million in commitments, more than seven times the $50 million it was targeting.
The sale, according to available data, has led to an oversubscription of around $320 million looking to get around $209,000 worth of XPL that weren’t purchased. The token’s launch is expected to occur within 40 days, while refunds for overcommitted funds will be processed in the near future.
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At launch, the Plasma network will hold $1 billion in stablecoins, becoming the fastest blockchain to reach that figure, according to the project.
Plasma, an Ethereum Virtual Machine (EVM)-compatible Bitcoin sidechain, aims to provide fee-free stablecoin transfers, starting with Tether’s USDT.
Plasma enters a competitive market dominated by Tron and Ethereum, which settles billions in stablecoin transfers daily and has seen Tether itself shift its focus to Layer 2s. It has secured funding from notable investors including Peter Thiel’s Founders Fund, Framework Ventures, and Bitfinex.
U.S. investors face a 12-month lock on their tokens, but for the rest of the world, XPL will be unlocked at launch.
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Banking giant Intesa Sanapolo discloses $100 million bitcoin ETF holdings, along with Strategy hedge
The bank also holds a large put option position on Strategy, potentially capitalizing on the company trading above the value of its BTC holdings.
What to know:
- Intesa Sanpaolo disclosed $96 million in bitcoin ETF holdings, including ARK 21Shares Bitcoin ETF and iShares Bitcoin Trust.
- The bank also holds a large put option position on Strategy, potentially capitalizing on the company trading above the value of its BTC holdings.
- The filing used the Share-Defined designation, which suggests the investment decisions were made jointly by Intesa Sanpaolo and executed by affiliates.
