Bitcoin-based stablecoin blockchain Plasma has scheduled its XPL initial coin offering for July 17, aiming for a mainnet launch by late summer. This comes after the platform attracted $1 billion in deposits, a figure that increased from an initial $500 million. Participants who have deposited will receive allocations based on a pro-rata system tied to the amounts deposited and to the duration of their deposits. The tokens will be locked until 40 days after the sale as a regulatory compliance measure. Plasma aims to launch with several unreleased stablecoins, but specifics about their issuers remain undisclosed. The network is designed for stablecoin transactions, utilizing Bitcoin for settlements, while also being EVM-compatible. Plasma’s CEO expressed ambitions to lead the stablecoin sector, noting ongoing discussions with both fintechs and traditional financial institutions. The stablecoin market is valued at $255.9 billion, indicating significant growth potential as new legislation in the U.S. could facilitate the issuance of more stablecoins.

Source 🔗