$500 million public offering "Miaoguang", deep binding of Tether, an article to learn about Plasma, a dedicated chain for stablecoins

Author: momo, ChainCatcher

Under the stablecoin boom, Plasma, a dedicated chain for stablecoins, recently completed a $500 million public offering.

Plasma originally planned to raise $50 million, but within minutes of opening the pledge, the deposit reached the $500 million subscription limit, attracting more than 1,100 wallets participated, with a median stake amount of $35,000.

According to crypto analyst @ai_9684xtpa, one address even spent about $100,000 in gas to snap up a share to become the first Plasma The address of the deposit.

Why was Plasma's $500 million quota quickly "snapped up"? What are the characteristics of Plasma's stablecoin chain? This article gives a brief review of the project.

Deeply bound to T ether, Plasma has a strong investor lineup

for more than half a yearIt has completed three rounds of financing in a row, and has a strong lineup of investors.

l In May 2025, Plasma was announced to be completePayPal co-founded Peter Thiel's venture capital arm, a strategic investment in Founders Fund.

It is worth noting that Bitfinex, which is closely associated with Tether, and Tether Paolo Ardoino, CEO & CTO of Bitfinex , was among them. And Plasma's close partnership with Tether goes far beyond funding.

Tether enjoys fee-free trading and whitelisted gas payment privileges on Plasma, and Plasma supports USDT0 - A cross-chain version of Tether that enables seamless transfer of USDT between different blockchains.

What are the characteristics of Plasma's stablecoin chain?

In the past, there were a large number of dedicated chains around applications such as gaming, social networking, and AI, but there were indeed few "dedicated chains" around such high-frequency stablecoin transactions, and Plasma seized this market gap. Committed to building a dedicated chain for stablecoins.

The core goal of Plasma is to optimise the stablecoin trading experience, and the core features are mainly in the following aspects:

USDT zero fee transfer. This feature is designed for USDT payments, and users can choose to wait a little longer in exchange for a fee-free transfer.

Anchoring the Bitcoin network security. Instead of choosing to build it on top of Ethereum or other general-purpose public chains, Plasma anchors the root of state to the Bitcoin network by building a Bitcoin sidechain, inheriting its decentralisation and high security, eliminating single points of failure, and providing trust-minimised stablecoin settlement.

Custom Gas Tokens. Users can pay transaction fees with authorised tokens such as USDT or BTC without holding XPL, the native Plasma gas token。 The off-chain system automatically converts XPL to XPL at the market price, simplifying user operations.

High throughput and low latency. Plasma adopts the PlasmaBFT consensus mechanism (based on Fast HotStuff evolution), which supports processing thousands of transactions per second with low end-to-end latency, meeting the high-frequency trading needs of stablecoins.

100% EVM compatible. Plasma supports the Ethereum Virtual Machine (EVM), allowing developers to seamlessly deploy Ethereum smart contracts and build stablecoin-related applications without code modifications.

In addition, Plasma is also working on a private transaction feature to improve user privacy protection by hiding transaction details without sacrificing compliance.

Team Background & Recent DevelopmentPaul

Faecks, the founder of Plasma, is also another institutional investorCEO and co-founder of Alloy, the F i platform. Paul Faecks also worked at Deribit and graduated from the Technical University of Munich.

Plasma CTO Hans is a former CEO of Laryer1 Topl, a graduate of the University of California, Irvine, and holds an M.S. and Ph.D. in Computer Science from Arizona State University.

In terms of progress, Plasma plans to launch a mainnet beta in the second quarter of 2025, when DeFi around stablecoins such as lending, trading, and more will be launched Serve.

In terms of ecosystem cooperation, Plasma has partnered with Ethena, Aave, Morpho,Curve, Maker and other agreements reached strategic cooperation.