Plasma Hits $500M Stablecoin Cap in 1 Hour đ
@PlasmaFDN hit its $500M stablecoin vault deposit cap within 48 minutes of opening on June 9, 2025, via the Sonar ICO platform.
> Over 1,100 wallets participated, with an average deposit of $35,000.
> Depositors earned rights to buy Plasmaâs XPL token, part of a raise targeting 10% of total supply.
> The vault now holds $345M in USDC, $146.1M in USDT, $7.5M in USDS, and $1.21M in DAI, according to Arkham.
> Originally aiming for $50M in May, Plasmaâs raise exceeded expectations amid growing interest in stablecoins.
> Backed by Bitfinex and Echo (founded by Cobie), Plasma is building an EVM-compatible sidechain to eliminate USDT transaction fees.
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