Plasma, a Layer 1 blockchain for stablecoin backed by Tether, completed a $500 million stablecoin vault raise in under an hour

Description

Plasma, a Layer 1 blockchain optimised for stablecoin transactions and backed by Tether, completed a $500 million stablecoin vault raise in under an hour, showcasing surging demand for exposure to the stablecoin sector.

Event date

June 9, 2025

Quotes that support claims

The firm completed its $500 million raise by 9:48 a.m. ET, fulfilling its late May goal

Layer 1 blockchain Plasma showcased the massive demand for exposure to the stablecoin sector this morning, filling a $500 million initial coin offering (ICO) deposit vault in a matter of minutes.

Plasma is a ‘stablechain,’ or a Layer 1 (L1) blockchain optimized for stablecoin transactions, backed by Tether, the issuer of DeFi’s leading stablecoin, USDT.

Plasma opened up its stablecoin deposits around 9:00 a.m. ET on June 9.

Plasma attracted $500 million in stablecoin deposits in mere minutes Monday for its upcoming token sale—and one user spent $100,000 on fees in an attempt to jump the queue.

Tags

Week 24 of 2025