Stablecoin-focused blockchain Plasma has closed its public token sale with $373 million in commitments, more than seven times the $50 million it was targeting.
The sale, according to available data, has led to an oversubscription of around $320 million looking to get around $209,000 worth of XPL that weren’t purchased. The token’s launch is expected to occur within 40 days, while refunds for overcommitted funds will be processed in the near future.
At launch, the Plasma network will hold $1 billion in stablecoins, becoming the fastest blockchain to reach that figure, according to the project.
Plasma, an Ethereum Virtual Machine (EVM)-compatible Bitcoin sidechain, aims to provide fee-free stablecoin transfers, starting with Tether’s USDT.
Plasma enters a competitive market dominated by Tron and Ethereum, which settles billions in stablecoin transfers daily and has seen Tether itself shift its focus to Layer 2s. It has secured funding from notable investors including Peter Thiel’s Founders Fund, Framework Ventures, and Bitfinex.
U.S. investors face a 12-month lock on their tokens, but for the rest of the world, XPL will be unlocked at launch.