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. Read more: Plasma’s XPL Token Sale Attracts $500M as Investors Chase Stablecoin Plays

Source: CoinDesk