Based on the amount of stablecoins they locked up, participants who contributed to the Plasma staking program have been allotted XPL tokens.
Plasma, a Bitcoin-linked sidechain designed to be compatible with the Ethereum Virtual Machine (EVM) and optimized for stablecoins, has commenced its token sale today. This opportunity is specifically for individuals who deposited stablecoins into the Plasma vault back in June.
The project is offering 10% of the total XPL token supply in this sale, valuing the project at $500 million. The sale leverages the Sonar ICO platform to manage Know Your Customer (KYC) compliance. The token offering will remain open to qualified individuals for approximately ten days. The official launch of the XPL token is scheduled to coincide with the release of the Plasma mainnet beta.
Plasma has secured backing from prominent entities, including Bitfinex (the sister company of USDT issuer Tether), Framework Ventures, and Peter Thiel’s Founders Fund.
This blockchain is specifically engineered to facilitate stablecoin transactions, aiming to provide a more economical, faster, and programmable framework for various payment and value transfer applications, including zero-fee USDT transfers. The Plasma vault currently holds $1 billion in stablecoin liquidity, provided by community contributors.
This token sale and the preceding staking period occur amidst a thriving stablecoin market. This growth is highlighted by Circle’s CRCL stock, which began trading publicly in June and has experienced a significant increase in value, rising more than tenfold from its initial IPO price range of $27-$31 to reach $299.
Plasma founder Paul Faecks commented, “People worldwide are recognizing stablecoins as a better option than traditional payment systems, which are often slow and inefficient, leading to significant capital inefficiencies… At Plasma, we are focused on creating the future of global payments by making stablecoin transactions frictionless and as affordable as they should be.”
“Through this public token offering, we aim to expand our global presence, ensuring that users everywhere have access to secure, fast, and inexpensive stablecoin services, empowering individuals to send money across borders instantly,” Faecks concluded.