Plasma completes its $500 million stablecoin vault raise across 1,100 wallets within an hour

The stablecoin firm Plasma completed its $500 million stablecoin raise within an hour through the initial coin offering (ICO) platform Sonar. 

Plasma opened up its stablecoin deposits around 9:00 a.m. ET on June 9. By depositing stablecoins into Plasma's vault, users earn the right to purchase the project's token, XPL, according to Plasma's website . Individual deposits were capped at $50 million. 

The firm completed its $500 million raise by 9:48 a.m. ET, fulfilling its late May goal of raising $50 million by publicly offering 10% of the firm's XPL token supply. The speedy fundraise follows broader interest in stablecoins among  venture firms ,  institutions,  and even  major tech companies. 

The crypto data tracker Arkham shows that Plasma's USD stablecoin vault now contains $345 million in USDC, $146.1 million in USDT, $7.5 million in USDS, and $1.21 million in DAI. 

Jordan Fish, the high-profile crypto trader known by his pseudonym Cobie, launched the angel investing platform Echo in March, aiming to unify the largely fragmented angel investments in crypto startups. Echo then unveiled its subsidiary for initial coin offerings called Sonar in late May. Plasma was Sonar's first project. 

Plasma develops an EVM-compatible sidechain that aims to eliminate transaction fees for Tether's stablecoin USDT. Bitfinex led Plasma's $3.5 million funding round in October 2024, with Plasma raising an additional $20 million in Series A funding in February, The Block previously reported. 

The Block reached out to a Plasma spokesperson for company comment. 

USDT is the most popular USD-pegged stablecoin, comprising 64% of the overall stablecoin supply, The Block's Data Dashboard shows.