Plasma, a blockchain platform focused on stablecoin infrastructure, raises $500 million through its XPL token offering and secures a strategic partnership with Aave

The Aave collaboration will see Plasma integrate the DeFi protocol's lending and liquidity infrastructure to distribute USDT to institutional clients and underserved markets worldwide.

Plasma, the blockchain platform focused on stablecoin infrastructure, has secured a strategic partnership with DeFi giant Aave to integrate its lending and liquidity infrastructure for distributing USDT to institutional clients and underserved markets.

The partnership will also see Plasma launch support for Aave’s native stablecoin, GHO, in the coming months.

Confirming the partnership on Friday, Plasma said its network is already operational with Agave, enabling participants in its deposit program to begin earning real yield directly through the protocol.

Plasma operates as a Bitcoin sidechain with full Ethereum Virtual Machine (EVM) compatibility and is engineered for speed and efficiency. According to its official documentation, the platform is positioning itself as a high-performance settlement layer optimized for fee-free USDT transfers and cross-border payments. It also aims to streamline remittances and DeFi services globally.

The platform’s XPL token will be used to power transactions and governance on the network.

Investors pour $500 million into Plasma’s XPL

Plasma’s rapid rise follows a record-setting initial coin offering (ICO) that concluded on June 9.

The sale generated an astounding $500 million in stablecoin deposits within minutes of going live on Sonar, a public token sale platform created by crypto startup Echo.

Further analysis by blockchain analytics firm Arkham Intelligence revealed that the fundraiser was 10x oversubscribed, and one individual spent an astounding $100,000 on gas fees alone to participate in the offering.

According to Arkham’s data, a wallet linked to Plasma currently holds $500 million in stablecoins, including $345.2 million in USDC, $146.09 million in USDT, $7.5 million in USDS, and $1.21 million in DAI.

Donors can now claim XPL tokens or withdraw their initial contributions. More than 1,100 wallets joined the fundraiser, with a median allocation of approximately $35,000 per wallet.

While Plasma managed to attract $500 million in deposits, a team member clarified that the project will only be releasing $50 million worth of XPL tokens during this initial phase.

Depositors will have the opportunity to purchase tokens in future sales or withdraw their funds, earning yield in the interim.

The strong demand for Plasma’s XPL token highlights the increasing interest in stablecoins and the infrastructure that supports them.

However, the ICO has not been without controversy. Crypto trader Hanzo alleged that over 100 wallets involved in the sale received 48 million USDC through Coinbase Premium shortly before the offering.

He also claimed that certain wallets interacted with the token contract before it became public, suggesting possible insider involvement. Nonetheless, donors who participated in the initial round can now claim their XPL tokens or withdraw their original contributions.