Plasma prepares to sell XPL tokens after attracting 1 billion USD in deposits

The Bitcoin-based stablecoin network, Plasma, has announced the sale date for XPL tokens on July 17, in line with its mainnet launch roadmap set for "late summer." This comes after the project attracted 1 billion USD in deposits, up from 500 million USD, to secure allocation in the initial token sale.

10% of the total token supply of #XPL will be sold, and depositors will receive allocations based on their proportional deposits. The deposits will be locked on July 14 and will remain locked for at least 40 days after the token sale ends. For participants from the U.S., the lock-up period is 12 months to comply with regulations.

After the 40-day lock-up, Plasma will begin preparations for launching the mainnet, expected as early as August 26 if the sale sells out on the first day. Nevertheless, about 62% of predictors at Myriad Market believe that #Plasma will not launch the mainnet before September.

Plasma plans to launch several undisclosed stablecoins alongside the mainnet. However, they are actively negotiating with major financial institutions.

Plasma is building a blockchain optimized for stablecoins, featuring gas-free stablecoin transactions. This network will use Bitcoin as its payment layer but will have a design similar to Ethereum and be EVM-compatible. CEO Paul Faecks aims to become the "number one stablecoin chain."

The current stablecoin market is valued at 255.9 billion USD and is predicted to explode if the GENIUS Act is passed in the U.S., potentially leading to thousands of new stablecoins launching. Plasma is positioning itself to capitalize on this highly potential market.