- Plasma will hold its public token sale for the XPL token on July 17 after $1 billion in cryptocurrency deposits last month.
- The mainnet launch for Plasma, a Bitcoin-based stablecoin blockchain, remains scheduled for late summer.
- Participants’ deposited tokens will be locked from July 14, with a minimum 40-day holding period after the sale ends.
- The network plans to support several new stablecoins, but has not confirmed if these are from non-crypto companies.
- Industry interest in stablecoins is growing rapidly, with new projects and traditional financial firms considering stablecoin issuance.
Plasma will launch its XPL public token sale on July 17, following $1 billion in deposits made last month for allocation in the offering. The blockchain project, built for launching stablecoins and operating as a Bitcoin sidechain, aims to roll out its mainnet by late summer.
According to company officials, the $1 billion deposit total more than doubled from an initial $500 million. Those who contributed to the deposit round will receive a chance to buy part of the 10% XPL token supply allocated for this sale. Token allocations will be distributed based on a pro-rata calculation, considering both the amount and duration of each deposit. Any unclaimed tokens may be available for purchase by existing depositors.
Participants must lock their tokens by July 14, with a mandatory 40-day lock-up following the sale’s completion. Paul Faecks, founder and CEO of Plasma, stated that this approach helps maintain regulatory compliance. U.S. investors face a 12-month holding requirement due to regulations.
The company reports the earliest possible mainnet launch as August 26, if the sale sells out on day one. This timeline fits Faecks’ predicted “late summer” date. Jacob Wittman, general counsel at Plasma, said, “The team is fully focused on getting to mainnet as soon as we’re confident the system is ready.” The network is undergoing its third security audit.
Upon mainnet launch, Plasma plans to introduce several unreleased stablecoins. The team did not specify if any are backed by traditional companies, but confirmed ongoing discussions with financial institutions and fintechs interested in stablecoins to improve efficiency and reach new markets.
Plasma’s blockchain is designed for stablecoins, with features including gasless transactions. It will use Bitcoin for settling transactions but will operate much like Ethereum and support Ethereum-based protocols and applications. The network will remain permissionless, allowing any developer to launch projects.
The stablecoin market worldwide is valued at about $255.9 billion, according to DefiLlama. Industry observers expect more growth, especially if the GENIUS Act passes in the U.S. This legislation would create clear rules for issuing and trading stablecoins.
Traditional businesses may soon launch their own stablecoins. Recent reports suggest digital bank Singapore“>Revolut is examining this idea, while a Walmart–Amazon-stablecoin-07de2fdd?gaa_at=eafs&gaa_n=ASWzDAgh4imMFwiTwdV-hIMf4u8Eu5n29w19IxgGtt5-qsHeuaKuUNEqe_E-azF-Clw%3D&gaa_ts=684c49e0&gaa_sig=eG5xP3pTl6Q7a6JBL9c8-rBk3pDoaVWmLm5hHM-a6TEJH77m3R2MNJJV52PpivHXNvyild8LxgpNB4CP4nLiuw%3D%3D”>Wall Street Journal article revealed Amazon and Walmart have considered similar plans.
Plasma seeks to position itself as a leader in this expanding field.
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