Plasma Hits $1B Deposit Cap in 30 Minutes as Bitcoin-Backed Stablecoin Hype Surges
Plasma, the Bitcoin-aligned blockchain building native stablecoin infrastructure, doubled its deposit cap to $1 billion early Thursday — and the limit was reached in just 30 minutes, reflecting surging demand for access to its upcoming ecosystem.
The move follows a flood of interest earlier this week, when the platform’s initial $500 million cap was filled in under five minutes. The raise comes amid growing anticipation around Plasma’s role in enabling stablecoin functionality on a Bitcoin-secured, gasless EVM-compatible sidechain.
To address frustration over rapid sellouts and bot activity, Plasma issued Thursday’s increase with little advance notice, aiming to give real community members — particularly active Discord participants — a fairer shot.
Not a Token Sale — Yet
Importantly, this isn’t the token sale itself. Plasma clarified that all deposited funds remain under user control and will be bridged to the project’s mainnet beta. Depositors are not purchasing tokens at this stage.
Instead, they’re earning the right to participate in the upcoming $50 million public sale of XPL, Plasma’s native token. Allocation will be based on the number of units locked by the end of the deposit window. The sale is priced at a $500 million fully diluted valuation.
A Bitcoin-Backed Bet on Stablecoin Infrastructure
The team behind Plasma is betting big on Bitcoin as the base layer for future stablecoin networks. By avoiding Ethereum’s high fees and congestion, Plasma aims to provide a seamless, zero-gas experience while maintaining the security of Bitcoin’s architecture.
The first asset on the network will be USDT, with support for other stablecoins expected soon.
As crypto investors increasingly seek scalable, cost-effective alternatives to Ethereum for stablecoin usage, Plasma’s fast-filling deposit rounds suggest the project may be gaining real momentum.
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