Plasma Secures $373M in 10-Day Token Blitz, Valued at $500M Amid Stablecoin Boom

- Raises $373 million in 10 days, surpassing a $50 million target. - Sale draws 3,000 wallets with an average commitment of $83,629. On July 28, 2025, The Block reported that Plasma, a Layer 1 blockchain initiative for low-cost stablecoin transfers, raised $373 million in an oversubscribed 10-day token sale. This successful offering, which valued the platform at $500 million by selling just 10% of its XPL token supply, involved 3,000 unique wallets with an average commitment of $83,629 per address, highlighting significant investor demand. The overwhelming success of Plasma’s token sale comes at a pivotal moment for the stablecoin sector as regulatory scrutiny intensifies. This milestone coincides with the recent enactment of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act on July 18. The act, signed into law by President Donald Trump, establishes a comprehensive regulatory framework for stablecoin issuers that mandates reserves, third-party audits, and consumer disclosures. Plasma distinguishes itself by optimizing USDT stablecoin transfers, integrating Bitcoin's Unspent Transaction Output (UTXO) model with the Ethereum Virtual Machine (EVM). This novel combination provides users with enhanced functionality and flexibility for stablecoin transactions. Before the public token sale, Plasma had already attracted notable funding. In October 2024, Bitfinex led a $3.5 million seed round, and Framework Ventures later co-led a $20 million Series A round in February 2025, with backing from Peter Thiel's Founders Fund. According to CoinMarketCap on July 28, Tether USDt (USDT) was trading at $1 at 18:08 UTC, reflecting a -0.031% change over the past 24 hours. Plasma’s record-breaking token raise is a significant development in the evolving stablecoin ecosystem, signaling surging confidence in infrastructure solutions that bridge functionality and compliance amid regulatory shifts.