Plasma raised $373 million in the XPL tokensale

Blockchain project Plasma announced that it has completed its public sale of XPL tokens, raising $373 million. The amount was more than seven times the originally stated goal of $50 million. Organizers said the oversubscription amounted to $323 million, and the excess funds will be returned to users soon.

The token will launch within 40 days. According to the team, the beta version of the main Plasma network will be released immediately with a TVL of $1 billion in stablecoins, which will be the fastest achievement of such a figure in the industry. The project raised these funds back in June in the form of user deposits, which gave the right to participate in the token sale.

Once the mainnet is launched, users will have access to contributed assets and fully unlocked tokens. The exception will be US residents – for them XPL will be available only after 12 months due to local regulatory restrictions.

Plasma is positioning itself as an EVM-compliant bitcoin sidechain designed for free USDT transactions. The project previously raised $3.5 million in investment led by Bitfinex, as well as $20 million in Series A funding from Founders Fund, founded by Peter Thiel.

Analysts note that such a large-scale interest in XPL emphasizes the high demand for new solutions in the stablecoin sector. However, the market has already seen cases when the excitement was followed by a sharp correction: in July, the meme-coin platform Pump.fun raised $500 million, but soon its PUMP token collapsed below the ICO price.

Market participants will be watching closely to see if Plasma manages to maintain its stated TVL level and meet investor expectations after such an impressive start.