Plasma, a cryptographic startup that develops an optimized block chain for stablcoins, attracted $ 500 million in deposits for sale of tokens on Monday, 10 times more than originally planned.
The fund collection limit was completed in five minutes when investors rushed to obtain an allocation for the distribution of tokens, according to Arkham Intelligence Blockchain data. The roof rose from $ 250 million, which had already increased from an original $ 50 million objective announced only two weeks ago.
More than 1,100 wallets participated in the sale of Token Xpl of Plasma, with an average allocation of approximately $ 35,000, the company said in an X Post. The offer was made in Sonar, a public tokens sale platform built by Echo, a private collection startup focused on cryptographic funds led by the outstanding Cobie investor.
The huge demand underlines the increase in the interest of investors in stablcoins (cryptocurrencies linked to traditional currencies such as the US dollar) and the infrastructure that supports them. The stable have become a dominant force in cryptography, with a total supply that exceeds $ 250 billion, and are increasingly used for daily finances such as payments, remittances and savings.
While Bitcoin
It is still the oldest and safest block chain, most stable activity occurs today in newer networks such as Ethereum, Tron and Solana. Plasma aims to bring the native use of Stablecoin to Bitcoin by building a side chain fully compatible with the Ethereum virtual machine (EVM), the software standard that supports much of the decentralized finances.
The team says that the plasma chain will address the key challenges facing stablcoins in existing block chains, including high rates and scalability limits, taking advantage of Bitcoin’s safety and enabling zero rates transactions for the USDT of Tether
.
The collection of plasma funds follows a series of market signals that point to the appetite elevator for exposure to Stablecoin. Last week, Circle (CRCL), a stablecoin issuer of $ 60 billion USDC, completed a large -success public market debut, with shares that increased more than $ 110 from a $ 31 -off price.
“In a circle another 20% in the sale of public token of $ 500 million plasma.
