Plasma Raises $500 Million in Under an Hour Through Stablecoin Offering on Sonar
Stablecoin firm Plasma has stunned the market with a lightning-fast $500 million raise during its public offering on the ICO platform Sonar, achieving its target in just 48 minutes on June 9.
The offering began at 9:00 a.m. ET, allowing users to deposit stablecoins into Plasma’s vaults in exchange for early rights to purchase the project’s native token, XPL. Each participant was capped at $50 million per wallet, and the firm successfully met its late May goal of selling 10% of its total XPL token supply to raise $500 million.
Breakdown of Deposits
According to Arkham, the vault now holds:
$345 million in USDC
$146.1 million in USDT
$7.5 million in USDS
$1.21 million in DAI
Surging Interest in Stablecoins
Plasma’s rapid raise underscores a booming appetite for stablecoin-related projects among venture capital firms, institutional players, and tech giants. The firm’s success suggests growing confidence in stablecoin infrastructure as a critical layer of the evolving crypto economy.
With XPL now firmly backed by hundreds of millions in stablecoin liquidity, all eyes are on how Plasma deploys this capital as it seeks to scale its ecosystem.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
