The stablecoin public chain Plasma raised $373 million in a public sale! It sets the record for the largest token sale in 2025, with the Testnet TVL aiming for $1 billion.

Plasma(XPL), a Layer 1 blockchain focused on stablecoin infrastructure, announced the completion of a $373 million public sale, exceeding the original target by 7 times, becoming the largest token sale of 2025 to date. The project's fully diluted valuation reached $3.73 billion, and $1 billion in stablecoins (mainly in USDT) will be locked at the launch of the testnet, creating a zero-fee trading network. This move comes as the GENIUS Act reshapes the regulatory framework for stablecoins in the U.S., with the compliance process helping to boost institutional capital deployment.

Financing Milestone: 3,000 Qualified Investors Enter the Market, Valuation Logic Revealed

• Funding Size: $373 million raised in 10 days of public sale (original target $50 million)
• Participation Structure: Over 3000 qualified investors participated, with an average single address investment of $83,000.
• Token Allocation: 10% of the total supply sold, which is 100 million XPL.
• Valuation Interpretation：
  • Based on circulating supply: post-financing valuation 37.3 billion USD (370 million ÷ 10%)
  • The project claims a valuation of 5 billion USD (presumably Fully Diluted Valuation)
• Lock-up Mechanism: Tokens for US investors are locked for 12 months, and global users will have immediate release upon mainnet launch.

Technical Positioning: UTXO + EVM Compatible Architecture, Zero Fee Disrupting Payments Plasma is built using the Bitcoin UTXO model, while being compatible with the Ethereum Virtual Machine (EVM), combining the underlying security of Bitcoin with the interoperability of the Ethereum ecosystem. Its core innovation lies in:

1. Zero-cost stablecoin transfers: Achieve zero Gas fees for user transactions by relying on a locked reserve of 1 billion USDT.
2. Payment Scenario Priority: Focus on expanding in high-demand regions for cross-border payments such as Latin America and the Middle East.
3. DeFi Ecosystem Integration: Integrated with protocols such as Curve, Aave, Ethena(ENA), to build a stablecoin application matrix.

Regulatory Tailwind: The "GENIUS Act" Activates Institutional Confidence The financing coincides with the effective date of the first U.S. stablecoin-specific legislation, the "GENIUS Act," which came into effect on July 18, clarifying the issuance regulations for dollar stablecoins. The clarification of regulations significantly increases institutional willingness to allocate funds to compliance projects like Plasma. Previously, Plasma secured $24 million in private placement funding, with investors including:

• Exchange System: Tether CEO Paolo Ardoino
• Top Venture Capital: Founders Fund, Framework Ventures

Challenges and Prospects: The Compliance Competition in the Trillion-Dollar Payment Market Despite a bright start, Plasma still needs to overcome three challenges:

• Performance Pressure: Network scalability under a zero-fee model
• Security Verification: Practical stability of UTXO and EVM fusion architecture
• Global Compliance: Adapt to the regulatory differences of stablecoins in various jurisdictions. If the Testnet achieves $1 billion TVL as scheduled and verifies technical feasibility, it may shake the current stablecoin public chain landscape.

Conclusion: Plasma's public sale of $373 million highlights the strong consensus among institutions on the stablecoin payment sector. The dual selling points of zero fees and regulatory compliance directly address the pain points of cross-border payments and the market vacuum following the "GENIUS Act." With the testnet launching with 1 billion USDT, whether it can deliver on its promise of "Bitcoin-level security + Ethereum-level functionality" will be a key battle to capture the trillion-dollar stablecoin infrastructure market.