Plasma, a Bitcoin-based stablecoin blockchain, has announced its XPL token sale for July 17, aiming for a mainnet launch by late summer. The project has attracted $1 billion in deposits, up from an initial $500 million. Participants in the token sale will receive a pro-rata allocation of 10% of the total XPL supply based on their deposits. Tokens will be locked starting July 14 for at least 40 days post-sale, with U.S. participants facing a 12-month lock-up to comply with regulations. Plasma's founder, Paul Faecks, indicated that the mainnet could launch as early as August 26, depending on the sale's success. The network plans to introduce several stablecoins at launch, with ongoing discussions with traditional financial institutions. Plasma aims to be the leading stablecoin blockchain, offering gasless transactions and EVM compatibility. The stablecoin market, valued at $255.9 billion, is expected to grow, especially if the GENIUS Act passes, potentially leading to a surge in new stablecoin projects. Read more AI-generated news on: https://app.chaingpt.org/news