Crypto startup Plasma’s XPL Token Sale Hits $500M as Investors Chase Stablecoin Plays
Plasma, a crypto startup developing a blockchain optimized for stablecoins, attracted $500 million in deposits for its token sale on Monday — 10 times more than originally planned.
The fundraising cap was filled in five minutes as investors scrambled to earn an allocation for the token distribution, according to blockchain data from Arkham Intelligence. The ceiling was lifted from $250 million, which had already been increased from a $50 million original target announced just two weeks ago.
Over 1,100 wallets participated in the sale of Plasma’s XPL token, with a median allocation of roughly $35,000, the company said in an X post. The offering was conducted on Sonar, a public token sale platform built by Echo, a crypto-focused private…
