Plasma’s Layer 1 Stablecoin Protocol Shatters Expectations With $373M Mega-Round

Another day, another nine-figure crypto cash grab—except this one might actually matter.

The Breakdown: Plasma's 'boring but bulletproof' stablecoin infrastructure just vacuumed up $373M in a token sale that had VCs tripping over their own term sheets. Oversubscribed? Understatement.

Why It Burns: While TradFi banks still argue about SWIFT upgrades, layer 1 innovators are rebuilding money itself. The pitch? A stablecoin protocol so lean it makes Visa's legacy rails look like steam engines.

The Kick: Watch how fast regulators pivot from 'crypto is dead' to 'we need oversight' now that real institutional money's flooding in. Funny how that works.

GENIUS Act boosts stablecoin confidence

This raise comes after the GENIUS Act, the first U.S. legislation to formally regulate dollar-backed stablecoins, was signed into law on July 18. Investor trust in platforms like Plasma that prioritize institutional adoption and compliance may have increased as a result of this regulatory clarity.

The project has previously raised $24 million across two rounds, including backing from Bitfinex, Founders Fund, Framework Ventures, and Tether chief executive officer Paolo Ardoino. Funds are being used to expand Plasma’s payments infrastructure across Latin America and the Middle East and to onboard decentralized finance services like Curve (CRV), Aave (AAVE), and Ethena (ENA).

As mainnet launch approaches, Plasma’s ability to deliver fee-free transfers and maintain network stability will determine whether it can live up to its early demand and high valuation. Scalability, security, and regulatory compliance in a post-GENIUS Act environment are major obstacles.