Plasma, a new Layer 1 blockchain focused on stablecoins, is launching its mainnet beta on September 25th, along with its native token, XPL. The project, backed by Tether’s sister company Bitfinex and Peter Thiel’s Founders Fund, has raised $27.5 million in public funding. The launch will include over $2 billion in stablecoin liquidity from over 100 decentralized finance partners, including Aave, Ethena, Fluid and Euler. Plasma aims to provide fast, gasless USDT payments with strong security and low USDT borrow rates. Users will be able to bridge vault deposits to Plasma and withdraw USD0, Tether’s omnichain version of USDT. Zero-fee USDT transfers will be available through Plasma’s dashboard, initially limited to Plasma’s products. 10% of XPL was sold in a public offering, with 25 million tokens allocated to the community at launch and 2.5 million reserved for members of the Stablecoin Collective. Plasma received $24 million in seed and Series A funding led by Framework Ventures, with participation from Bitfinex, Peter Thiel, and Tether CEO Paolo Ardoino. AI-driven crypto updates? Go to theunblock.com.
