Original | Odaily Planet Daily ( @OdailyChina )
Author: Azuma ( @azuma_eth )
The highly anticipated stablecoin public chain Plasma will officially open public deposits at 21:00 tonight Beijing time. After the deposit phase of several weeks (the specific duration is not yet determined), participating users will obtain corresponding public offering shares based on the time-weighted deposit ratio, and then participate in the projects public offering with a full circulation valuation (FDV) of US$500 million.
Plasma: A stablecoin public chain backed by Bitfinex, Tether, Peter Thiel , etc.
Plasma is positioned as a high-performance blockchain built specifically for stablecoins. Its core features include: supporting thousands of transactions per second; supporting zero-fee USDT transfers; relying on the Bitcoin network for settlement (which can be understood as a Bitcoin sidechain); 100% compatible with EVM; customizable gas tokens (such as USDT, BTC); and supporting privacy transactions without compromising compliance.
From a market perspective, the reason why Plasma has gained such high popularity is mainly due to its extremely fast financing progress and luxurious endorsement from investors.
In October 2024, Plasma announced the completion of US$3.5 million in financing at its debut , led by Bitfinex, with participation from Christian Angermayer and venture capital firms Split Capital, Anthos Capital, Karatage and Manifold Trading. Bitfinex CTO and Tether CEO Paolo Ardoino also supported the project.
In February 2025, Plasma announced again that it had completed US$24 million in financing ($20 million in Series A financing and US$4 million in seed round financing) , led by Framework Ventures, with Bitfinex and Paolo Ardoino participating again. The name of Silicon Valley venture capital giant and Paypal co-founder Peter Thiel also appeared on the investment list.
In May 2025, Plasma once again announced that it had received strategic investment from Founders Fund under Peter Thiel . Although the specific amount of funds was not disclosed, it was emphasized that the investment would help Plasma expand its team and ecosystem and accelerate adoption in Latin America, the Middle East and other regions.
Public Offering Details
On May 27, Echo, an angel investment platform owned by the well-known KOL Cobie, announced that it would launch a new public offering platform Sonar, and Plasma will become the platforms first public offering project.
In this public offering, Plasma plans to sell a total of 10% of the XPL tokens at a fully-circulated valuation (FDV) of $500 million, with a target of raising $50 million. Although some concerned users questioned that the valuation of $500 million was too high, Plasma said that this was consistent with the valuation of the latest round of equity financing led by Founders Fund.
According to Plasma’s disclosure, this public offering will be divided into four phases.
Deposit stage
The first stage is the deposit stage, where participants can deposit USDT, USDC, USDS or DAI into the Plasma Treasury on the Ethereum mainnet , and the funds will be deployed to the Aave and Maker protocols through Vedas audited custody contract (users can receive earnings when withdrawing from the Plasma mainnet beta). After the deposit, users begin to accumulate points (units), which reflect the users time-weighted share of the total deposit in the treasury, and ultimately determine the users guaranteed quota in the XPL public offering.
During the deposit stage, users can withdraw their deposits at any time, but the points will be reduced accordingly after withdrawal.
The deposit phase is expected to last for several weeks, with an initial deposit limit of $250 million, which will be gradually increased in the future. The maximum deposit limit for a single user is $50 million - I guess everyone has $50 million...
Locking Phase
After the deposit channel is closed, the vault will enter a locked state, prohibiting new deposits or withdrawals.
The lock-up period will last for at least 40 days (calculated from the end of the public sale), during which all stablecoin deposits will be converted to USDT in preparation for the cross-chain to the Plasma mainnet beta.
Release stage
Then it will enter the sale phase, and users can use the deposit address to participate in the sale on the Plasma official website. Sonar will handle KYC identity verification, jurisdiction screening and other review processes on behalf of Plasma - the United Kingdom, China, Cuba, Iran, Russia, Syria, North Korea and Ukraine are prohibited from participating; US participants need to verify their identity as qualified investors and need to lock up their positions for 12 months after the public sale ends.
The users points determine their guaranteed quota in the XPL offering, and subscriptions support the use of stablecoins such as USDT, USDC, USDS, and DAI. If other depositors fail to subscribe in full, the remaining XPL shares will be allocated proportionally to the oversubscribers.
Mainnet Phase
After the public offering is completed, Plasma will launch the mainnet beta version.
When the network goes online, the XPL tokens subscribed by users will be distributed, and the treasury assets will be cross-chain to the Plasma network. Users can choose to withdraw USDT directly on the Plasma chain.
Mixed reviews
As the public offering approaches, there are more and more discussions about Plasma in the market, and two distinct views have emerged.
Supporters believe that with the breakthrough in stablecoin legislation and the recent market enthusiasm of Circles IPO, the development prospects of Plasma, which is backed by Tether, the king of stablecoins, are quite promising. Judging from this perspective, the valuation of $500 million is not expensive, so it is expected that the hard cap of $250 million will be filled soon after the opening tonight.
Aave core member Marc Zeller also said in conjunction with the flow of funds in the protocol: “ Starting today, we may see a large amount of USDT flowing out of Aave to Plasma . After the user completes the deposit, it will flow back to Aave via Veda.”
The opposing side believes that Plasma’s $500 million is not cost-effective given that new projects in this cycle generally open at a low price… Some even say that Plasma and another popular project that is about to be publicly funded, pump.fun, may “harvest” the last liquidity of this cycle…
As for me, although I am still on the sidelines about whether to participate in the Plasma public offering, given that Plasma has mentioned that it will deposit the funds received during the public offering into Aave and Maker for interest, I will tend to take the lead for qualification reasons. First, even if I eventually give up participating, I will still get a certain interest rate income. Second, if Plasma and its ecological projects intend to airdrop in the future, early deposit users will most likely be given priority. Therefore, I will tend to make a deposit after the door opens tonight.
