Plasma has just raised $500 million very quickly to launch its native token XPL. What is the point of this project combining stablecoin and Bitcoin?
Plasma launches its token and smashes its pre-sale targets
Plasma had already made a name for itself with its hybrid model. The company offers a blockchain compatible with the Ethereum Virtual Machine (EVM), which allows it to offer stablecoin-related services… while recording its blocks on the Bitcoin (BTC) blockchain.
This week, Plasma initiated a presale of XPL tokens, putting 10% of the offering on the market, to be distributed later in the year. The company offered interested parties the opportunity to deposit their stablecoins in order to obtain the right to purchase the native token.
Interest was considerable: the company raised $500 million—against an initial target of $50 million—and the presale closed less than an hour after it began. Demand exceeded the initial offer by a factor of 10. According to data reported by Arkham Intelligence, one person reportedly spent $100,000 in gas fees just to participate.
The “Tether blockchain”?
Plasma aims, among other things, to eliminate transaction fees for Tether’s USDT, currently the most capitalized stablecoin. Furthermore, although it is not part of Tether itself, it benefits from significant financial support from the company that manages the stablecoin issuer, Bitfinex.
Plasma is therefore well positioned at the crossroads of several key cryptocurrency sectors, including the highly sought-after stablecoin sector, which has been booming in recent months.
