High Demand Pushes Plasma to Raise Stablecoin Vault Limit
Plasma, a Bitcoin sidechain optimized for fee-less USDT transactions, has doubled its stablecoin deposit cap to $1 billion after its initial $500 million threshold was reached in under an hour. The second round filled even faster—within just 30 minutes—highlighting significant community interest in Plasma’s upcoming XPL token sale.
Depositors earn the right to participate in the XPL public sale, which is planned at a $500 million fully diluted valuation (FDV).
Clarifying the Public Sale and Deposit Mechanics
Plasma has emphasized that these deposits do not constitute a token sale. The funds are fully owned by depositors and will be bridged to Plasma’s mainnet beta. The deposit system is designed to reward early supporters with access to the upcoming token sale, not to raise capital directly.
“This is not a $1 billion raise,” the company clarified. “Deposits are not the sale itself.”
Only $50 million worth of XPL tokens will be sold in the upcoming public sale, and the valuation remains unchanged at $500 million FDV.
Community-First Strategy to Thwart Bots
Plasma’s team stated they kept the second round unannounced until the last minute to minimize bot participation. This decision was made after feedback that snipers and bots dominated the first round, leaving many genuine users locked out.
“We heard from community members who had trouble joining and felt bots had too much time to prepare,” Plasma shared.
Breakdown of Vault Holdings
As per the latest on-chain data:
- $558 million in USDC
- $396 million in USDT
- $16.6 million in USDS
- $3.4 million in DAI
These funds represent deposits from users awaiting XPL access and not capital raised by the company.
Background and Ecosystem Growth
Plasma, built as an EVM-compatible Bitcoin sidechain, has been expanding rapidly. It raised $3.5 million in seed funding led by Bitfinex in October and secured another $20 million in a Series A round earlier this year. It is the first project under Sonar, an ICO platform launched by the angel investing hub Echo in May.
With the stablecoin space evolving fast, Plasma positions itself at the forefront by merging fee-less transfers, USDT support, and community-focused token economics.