Plasma ICO Raises $500M, Signaling Institutional Crypto Interest

Stablecoin-focused blockchain project Plasma has shattered fundraising expectations, securing $500 million in its token sale—ten times its initial $50 million target. The oversubscribed event, hosted on Cobie-backed Sonar, saw its cap doubled from $250 million within minutes as institutional capital flooded in. This isn''t just another crypto cash grab; it''s a watershed moment for infrastructure projects bridging decentralized finance and traditional markets.

Whales dominated the sale, with the top 10 wallets accounting for 40% of contributions. One participant spent $100,000 in gas fees alone to secure allocation—a stark reminder of 2017''s ICO mania. Backed by heavyweights like Tether, Bitfinex, and Peter Thiel, Plasma''s ''stablechain'' proposition has clearly resonated with investors seeking yield-generating infrastructure plays beyond meme coins.