Plasma Raises $500 million in Stablecoins in 48 Minutes

- $500 million raised by Plasma in under an hour. - Enthusiastic participation from venture firms and institutions. On June 9, 2025, The Block reported that stablecoin firm Plasma completed its $500 million stablecoin vault raise. Plasma achieved this milestone in just 48 minutes using the initial coin offering (ICO) platform Sonar. During the raise, Plasma allowed users to deposit stablecoins into its vault; in return, users received the right to purchase XPL, the project’s token. Over 1,100 wallets participated in this fundraising. The event began around 9:00 a.m. ET and concluded by 9:48 a.m. ET. Plasma’s USD stablecoin vault now holds $345 million in USDC, $146.1 million in USDT, $7.5 million in USDS, and $1.21 million in DAI, totaling nearly $500 million. This amount significantly surpassed Plasma’s initial goal of $50 million. Furthermore, this achievement highlights widespread interest in stablecoins from various sectors, including venture firms and institutions. Sonar, the ICO platform Plasma utilized for this raise, is a subsidiary of Echo, an angel investing platform launched by renowned crypto trader Jordan Fish (also known as Cobie). This event marks Sonar’s first project milestone and also underscores the strong demand for and confidence in Plasma's stablecoin offerings. As of June 9, 16:17 UTC, Tether USDt (USDT) was trading at $1.001, with a 0.01% change. As of June 9, 16:18 UTC, USDC (USDC) was trading at $1, with a 0.003% change. As of June 9, 16:18 UTC, Dai (DAI) was trading at $1, with a -0.025% change.