Bitcoin stablecoin network Plasma attracts $1 billion in deposits, plans to launch XPL Token sale on July 17.

The Bitcoin-based stablecoin blockchain Plasma announced that its highly anticipated XPL Token ICO will be held on July 17, maintaining the planned pace for launching its Mainnet in "late summer." This token sale will be a key step before the launch of Plasma's Mainnet, which Plasma states will introduce several unreleased stablecoins.

Plasma IC0 and Token Sale Details

This token sale is launched by Plasma after attracting $1 billion in deposits on the Bitcoin sidechain, an increase from the initial $500 million. All participants who deposit tokens will receive a proportional allocation of 10% of the total supply of XPL tokens. The allocation will be calculated based on the total amount deposited and the duration of the deposit. If any portion remains unclaimed, depositors will have the opportunity to purchase the undistributed XPL tokens.

The deposited tokens will be locked on July 14 and cannot be withdrawn for at least 40 days after the token sale ends. Participants who wish to withdraw tokens must complete the operation before July 14.

The founder and CEO of Plasma, Paul Faecks, has stated that this lock-up period is to comply with regulatory requirements, and that U.S. users need to undergo a 12-month lock-up.

Plasma Mainnet launch schedule

Once the 40-day lock-up period ends, Plasma will begin preparations for the launch of the Mainnet. According to the current plan, the earliest possible launch date for the Mainnet could be August 26, if the Token sale sells out on the first day. This timeline aligns with Faecks' previous "late summer" forecast.

Jacob Wittman, the General Counsel of Plasma, told Decrypt: "While we cannot provide an exact date, we can confirm that the third audit is currently in progress. The team is working hard to ensure that the Mainnet goes live as soon as the system is ready."

However, predictions from the Myriad market indicate that about 62% of forecasters believe that Plasma will not be able to launch on the Mainnet before September.

Plasma's collaboration with traditional enterprises

With the launch of the Plasma Mainnet, some unreleased stablecoins will also be launched on the platform simultaneously, but currently, the network has not disclosed whether these stablecoins are issued by traditional companies.

Wittman stated: "Several teams are preparing to launch the Plasma native stablecoin on the first day, some of which are still under wraps. We are very excited to support their launch. We are also actively engaging with traditional players, including fintech companies and financial institutions, who see stablecoins as an effective way to improve efficiency, reduce costs, and expand into new markets."

The vision and market positioning of Plasma

Plasma is committed to building a blockchain specifically designed for stablecoins, which is particularly optimized for fee-free stablecoin transactions. The network will use Bitcoin as the settlement layer, although its design is "similar to Ethereum" and will be compatible with the Ethereum Virtual Machine (EVM).

Faecks told Decrypt that the company's goal is to become the "first choice for stablecoin chains," but not every token on the network will be a stablecoin. For example, the XPL token is not a stablecoin, and the network will be completely permissionless, meaning anyone can build applications on that blockchain.

Strategic Opportunities of the Stablecoin Market and Plasma

According to data from DefiLlama, the total market value of the stablecoin market has reached $255.9 billion, and it may further explode after the passage of the GENIUS Act. This Act establishes a framework for the issuance and trading of stablecoins, and some experts believe that this could lead to the emergence of thousands of new stablecoins.

As a result, more and more traditional companies are also beginning to consider issuing their own stablecoins. For example, reports suggest that the fintech company Revolut is actively exploring the creation of its own stablecoin. Amazon and Walmart are also believed to be considering issuing their own digital currencies, although these plans have been swiftly denied by Massachusetts Senator Elizabeth Warren.

Plasma is preparing to embrace this rapidly growing and potentially explosive market through its strategic layout in the stablecoin market.