500 million US dollars of public offering "shortly" and deeply bound to Tether. One article understands the stablecoin dedicated chain Plasma

Author: momo, ChainCatcher

Under the stablecoin boom, Plasma, a stablecoin dedicated chain, recently completed a public offering of US$ 500 million.

Plasma originally planned to raise $ 50 million, but within minutes after the pledge was opened, the deposit reached the subscription limit of $ 500 million, attracting more than 1,100 wallets to participate, and the median pledge amount reached $ 35,000 .

According to crypto analyst @ai_9684xtpa , Gas, which even spent about $100,000 for a rush share, became the first address for Plasma deposits.

Why was Plasma 's $ 500 million quota quickly "snatched away"? What are the characteristics of Plasma 's stablecoin dedicated chain? This article briefly sorts out the project.

Deeply bound to T ether , the investment roster is strong

In more than half a year, Plasma has completed three consecutive rounds of financing, and the investment team has a strong lineup.

l In October 2024 , Plasma announced that it had completed a $ 3.5 million led by Bitfinex , with Manifold Trading , Anthos Capital , Karatage , Split Capital , and Christian Angermayer participating.

l In February 2025 , Plasma announced that it had completed a US$ 24 million financing led by Framework Ventures . This round of Bitfinex continues to participate in the investment, which also attracted the participation of T ether CEO & Bitfinex CTO Paolo Ardoino , as well as well as well-known institutions or individuals such as Mirana Ventures , Cumberland DRW , Flow Traders , Bybit , IMC Trading , Karatage , Nomura Holdings , and Cobie .

l In May 2025 , Plasma announced the completion of strategic investment in the Founders Fund , a venture capital firm under PayPal , Peter Thiel .

It is worth noting that Bitfinex , which is closely linked to T ether , and Paolo Ardoino, T ether CEO & Bitfinex CTO, all participated in the investment. Plasma and Tether 's close cooperation is far beyond financial support.

Tether enjoys free fee transactions and whitelisted Gas payment privileges on Plasma. At the same time, Plasma supports USDT0 - the cross-chain version of Tether, helping USDT to achieve seamless transfer between different blockchains.

What are the characteristics of Plasma **' s stablecoin dedicated

chain?**

In the past, a large number of dedicated chains around applications such as games, social networking and AI have appeared in the market , but there are indeed few "special chains" around such high-frequency stablecoin transactions. Plasma has seized this market gap and is committed to building a dedicated chain for stablecoin.

Plasma 's core goal is to optimize the stablecoin trading experience , and its core features are mainly in the following aspects:

USDT zero fee transfer. This feature is designed for USDT payments, and users can choose to wait a little longer in exchange for free transfers.

Anchoring Bitcoin network security. Instead of building it on Ethereum or other general public chains , Plasma anchors the state root to the Bitcoin network by building a Bitcoin sidechain, inheriting its decentralization and high security, eliminating single point of failure, and providing stablecoin settlement with minimal trust.

Custom Gas tokens . Users can use authorized tokens such as USDT or BTC to pay transaction fees without holding Plasma native Gas token XPL . The off-chain system automatically exchanges XPL according to the market price , simplifying user operations.

High throughput with low latency . Plasma adopts the PlasmaBFT consensus mechanism (based on Fast HotStuff evolution), which supports processing of thousands of transactions per second, with low end-to-end latency, meeting the high-frequency trading needs of stablecoins.

100% EVM compatibility . Plasma supports Ethereum virtual machine ( EVM ), allowing developers to seamlessly deploy Ethereum smart contracts and build stablecoin-related applications without modifying code.

In addition, Plasma is also studying privacy transaction functions to improve user privacy protection by hiding transaction details (without sacrificing compliance).

Team background and latest developments

Plasma founder Paul Faecks is also the CEO and co-founder of another institutional investor , DeFi platform Alloy . Paul Faecks also worked at Deribit and graduated from the Technical University of Munich.

Plasma CTO Hans was former CEO of La ayer1 Top , graduated from UC Irving and holds a Master of Computer Science and PhD from Arizona State University.

In terms of progress, Plasma plans to launch the mainnet beta version in the second quarter of 2025 , and will launch DeFi services such as lending and trading around stablecoins .

In terms of ecological cooperation, Plasma has reached strategic cooperation with Ethena , Aave , Morpho , Curve , Maker and other agreements.