Plasma Raises $1B Deposit Cap, Fills in 30 Minutes Amid Soaring Demand for Bitcoin-Based Stablecoin Network

Plasma, a blockchain project focused on native stablecoin infrastructure for Bitcoin, raised its deposit cap to $1 billion early Thursday — and filled it within just 30 minutes.

The new cap represents a doubling of the previous $500 million limit, which had itself only recently been increased following community backlash over rapid sellouts and bot-dominated access.

The Plasma team announced the increase with little notice in a bid to prioritize real users, particularly those active in its Discord and core community channels. “Deposits are not the sale itself,” the team clarified in a statement. “All funds remain in the control of users and will be bridged to the Plasma mainnet beta.”

Access to Token Sale Based on Deposits

Participants who lock up funds during this phase earn the right to participate in Plasma’s upcoming public sale of XPL tokens. Allocations will be based on the final number of units deposited before the cutoff.

The $50 million public sale is priced at a fully diluted valuation of $500 million, with actual token distribution scheduled for a later phase. Plasma emphasized that the deposit phase is solely to establish eligibility, not to raise funds or distribute tokens immediately.

Rapid Growth, Surging Interest

Earlier this week, Plasma’s initial $500 million deposit window was filled in just five minutes, according to blockchain analytics platform Arkham. That figure was ten times the originally intended limit, underscoring strong investor appetite for Bitcoin-native stablecoin solutions.

Plasma’s pitch centers on providing an EVM-compatible sidechain anchored to Bitcoin’s security, offering a zero-gas environment for stablecoin transactions — a notable departure from Ethereum’s high-fee model.

The first stablecoin to launch on Plasma will be USDT, with additional assets expected to be supported in future phases.

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