Plasma Nets $500M in Minutes as Stablecoin Infrastructure Trade Heats Up
Crypto startup Plasma raised $500 million in a heavily oversubscribed public token sale on Monday, just days after Circle’s headline-grabbing IPO — reinforcing growing institutional interest in stablecoin infrastructure plays.
The raise, conducted via Sonar, a platform developed by Echo, attracted over 1,100 wallets and was completed in under five minutes, according to Arkham Intelligence. Initially targeting $50 million, Plasma raised the cap twice in response to demand before closing at $500 million.
What Plasma Is Building
Plasma is developing a Bitcoin-secured, EVM-compatible sidechain tailored for stablecoin activity — particularly high-throughput, zero-fee USDT transactions. The network aims to solve pain points like cost and scalability that currently limit stablecoin adoption on older L1s.
The firm pitches its approach as combining the security of Bitcoin with the programmability and liquidity of Ethereum, offering a new settlement layer for the $250B+ stablecoin market.
Broader Context
The token sale follows Circle’s blockbuster IPO, which saw CRCL shares rise nearly 4x from their offering price. With stablecoins gaining momentum across payments, remittances, and DeFi, both public and private markets are rapidly pivoting toward projects that enable their scale and usability.
“Circle up 20% at the open, and Plasma’s $500M raise sells out instantly. Stablecoin rails are the new crypto trade,” noted analyst Will Clemente.
The event underscores a broader rotation in digital asset investing — from speculative tokens to infrastructure that supports real-world utility at scale.
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