The public offering of Plasma, a public chain of stablecoins, opens tonight, will the valuation of $500 million still participate?

Original | Odaily (@OdailyChina)

Author|Azuma(@azuma_eth)

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much-talked-about "stablecoin public chain" Plasma will officially open public deposits at 21:00 Beijing time tonight, after the end of the deposit phase of several weeks (the exact duration is not yet determined). Participating users will receive a corresponding public offering share based on the time-weighted percentage of deposits, and then participate in the public sale of the project with a full float valuation (FDV) of US$500 million.

Plasma: Plasma, a stablecoin public chain endorsed by Bitfinex, Tether, Peter Thiel, etc.,

is positioned as a high-performance blockchain built for stablecoins, and its core features include: it can support thousands of transactions per second; Support zero-fee USDT transfer; Rely on the Bitcoin network for settlement (which can be understood as a Bitcoin sidechain); 100% EVM compatible; Customizable gas tokens (e.g. USDT, BTC); Support private transactions without compromising compliance.

From a market perspective, the key reason why Plasma has gained such popularity is its extremely fast financing progress and luxurious investor endorsement.

In October 2024, Plasma announced the closing of a $3.5 million funding round when it debuted, led by Bitfinex, with participation from Christian Angermayer and venture capital firms Split Capital, Anthos Capital, Karatage, and Manifold Trading, and backing the project by Bitfinex CTO and Tether CEO Paolo Ardoino.
In February 2025, Plasma again announced the closing of a $24 million funding round ($20 million Series A and $4 million seed round), led by Framework Ventures, with further participation from Bitfinex and Paolo ArdoinoThe name of Peter Thiel, a Silicon Valley venture capital guru and co-founder of PayPal, also appears on the investment list.
In May 2025, Plasma again announced a strategic investment from Peter Thiel's Founders Fund, which was not disclosed, but emphasized that the investment will help Plasma expand its team and ecosystem to accelerate its development in Latin America, Adoption in the Middle East and beyond.

Public Offering Details

On May 27, Echo, an angel investment platform owned by well-known KOL Cobie, announced that it will launch a new public offering platform, Sonar, and Plasma will become the platform's first public offering project.

In this public sale, Plasma plans to sell a total of 10% of its tokens XPL at a full float valuation (FDV) of $500 million, with the goal of raising $50 million. While some followers questioned the $500 million overvaluation, Plasma said it was in line with the recent round of equity funding led by Founders Fund.

According to Plasma's disclosure, the public offering will be divided into four phases.

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