Stablecoin Blockchain Plasma Kicks Off $50 Million Token Sale

Plasma, the EVM-compatible Bitcoin sidechain geared toward stablecoins, opened the doors to its token sale today for users who staked stablecoins in the Plasma vault in June.

The chain is selling 10% of the XPL token supply at a $500 million valuation, utilizing the Sonar ICO platform to facilitate Know Your Customer (KYC) requirements. The token sale will be open to eligible participants for roughly ten days, with the XPL token slated to officially launch alongside the Plasma mainnet beta.

Plasma is backed by USDT issuer Tether’s sister company, Bitfinex, as well as Framework Ventures and Peter Thiel’s Founders Fund.

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