500 million for Plasma: a game-changing funding round
500 million dollars. 48 minutes. Over 1,100 wallets. This is not just a marketing promise; this was the reality for Plasma on Monday, June 9.
The crypto project aiming to revolutionize the stablecoin world completed a massive fundraising round in record time through the Sonar platform (via Cobie’s Echo), marking one of the most significant operations of 2025. At 3 p.m., Plasma opened its ‘vault’: a stablecoin deposit campaign allowing participants to get exposure to the $XPL token. By 3:48 p.m.? It was all over.
Goal exceeded, enthusiasm confirmed
Plasma’s initial goal was to raise 50 million dollars by offering the public 10% of its total token supply. The final result: 500 million, ten times more. A tidal wave fueled by a median deposit of $35,000 per participating wallet, in a context of renewed interest in stablecoins and their underlying infrastructures.
Behind this lightning operation, a realization: investors, whether institutional or savvy individuals, are on the hunt for concrete opportunities in projects with a clear product and stable utility. Plasma ticks all the boxes.
An investor even paid nearly $100,000 in gas fees to deposit 10.17 million USDC in the vault on time.
Plasma: an already well-established ecosystem
Launched in October 2024 with a 3.5 million fundraising led by Bitfinex, Plasma solidified its vision with a 20 million round in February 2025. Their bet? A Bitcoin EVM-compatible sidechain specifically designed to eliminate transaction fees on USDT, the world’s most widely used stablecoin.
This positioning quickly gained traction. The Plasma vault now holds 345 million dollars in USDC, 146 million in USDT, 7.5 million in USDS, and over a million in DAI. It’s safe to say that the entire stablecoin ecosystem has converged in this smart contract.
Sonar and Echo, the new crypto launchpads
This launch is also a tremendous spotlight on Sonar, the new ICO platform stemming from Echo, the angel investing project launched in March by Cobie (Jordan Fish). Plasma is their first project… and this initial test turned into a masterclass.
The timing is perfect: as market fragmentation in the crypto space slows down traditional fundraisings, Sonar offers a simple and effective bridge between capital and innovation. And evidently, it’s working.
A launchpad for $XPL
Plasma succeeded where many others fail: creating anticipation, turning it into concrete action, and locking in hundreds of millions in minutes. The $XPL token has not yet been distributed, but the excitement surrounding the fundraising sets the stage.
