Bitcoin-Based Stablecoin Network Plasma Raises Deposit Cap to $1B, Gets Filled in 30 Minutes
Stablecoin-focused blockchain Plasma raised its deposit cap to $1 billion early Thursday — and hit that limit within 30 minutes.
The new cap marks a doubling from the prior $500 million ceiling, which had itself been raised just days earlier following a community-driven outcry over bot activity and rapid sellout times.
Plasma said the short-notice announcement was designed to give real users, such as those active in its Discord, a fairer shot at joining. But it's not a token sale just yet.
'Deposits are not the sale itself,' Plasma clarified in a post. 'All funds remain fully owned by depositors and will be bridged to Plasma mainnet beta.'
Participants earn the right to buy into the eventual $50 million XPL public sale based on how many units they've locked up by the cutoff. The sale is valued at $500 million on a fully diluted basis.
Earlier this week, the project — which aims to bring native stablecoin functionality to Bitcoin through an EVM-compatible sidechain — saw its initial $500 million cap fill in just five minutes, according to Arkham data.
That figure was ten times what Plasma initially planned, indicative of massive investor appetite for stablecoin infrastructure.
The team behind Plasma has positioned its chain as a way to sidestep Ethereum's high fees and congestion by building a zero-gas environment for stablecoin transactions while being anchored to Bitcoin's security model.
USDT will be the first supported asset, with more expected to follow.Sign in to access your portfolio
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