Plasma Announces the XPL Public Sale, Powered by Echo’s Sonar

[PRESS RELEASE – Lugano, Switzerland, May 27th, 2025]

Plasma will be the first to conduct a public sale using Echo’s new token sale infrastructure Sonar 

Today, Plasma, the blockchain purpose-built for stablecoins, backed by Bitfinex and Founders Fund, announced it will conduct the first public sale using Echo’s new token sale infrastructure: Sonar.

Echo, founded by Cobie, is the market leader in private investment infrastructure for early-stage projects. Echo is now launching its new public sale infrastructure product, Sonar, and Plasma will be the very first public sale ever conducted using Sonar.

10% of the total XPL supply will be sold in the public sale, priced at a $500 million fully diluted valuation.

The public sale follows Plasma’s latest investment from Peter Thiel’s Founders Fund, an early angel investor of the project. It offers the public the opportunity to participate in the XPL sale at the same valuation as Founders Fund’s equity investment, enabling equal access and delivering a fair launch at unprecedented scale.

Plasma is building a new global financial system on a blockchain purpose-built for stablecoins. Infrastructure alone isn’t enough. What matters is distribution and early participation from the users, developers, and institutions that will help shape the network from day one.

The XPL sale is designed to reflect the kind of network Plasma is building: one grounded in participation, alignment, and transparency.

XPL Token  

The XPL token plays a central role in the system. It secures the PlasmaBFT consensus mechanism, powers execution through the Reth-based EVM, and underpins the trust-minimized Bitcoin bridge. This sale marks the beginning of XPL distribution to those who want to help scale the network from the ground up.

Sale Mechanics

To earn an allocation, stablecoins must be deposited into the Plasma vault on Ethereum. Each participant’s allocation in the sale is determined by their time-weighted share of total vault deposits. Once the deposit period closes, the sale begins, and all vault positions are locked. Upon the launch of Mainnet Beta, vault positions are bridged to Plasma, become withdrawable, and XPL tokens are distributed.

Building the Financial System of Tomorrow

Plasma is launching with a strong network of strategic partners across both payments and DeFi. Integrations include Yellow Card, the leading stablecoin on/off-ramp in Africa, and BiLira, a Turkish Lira–pegged stablecoin, amongst others, establishing immediate reach into key regions such as MENA. On the DeFi side, partnerships with Curve, Ethena, and other leading blue-chip DeFi apps will expand the utility of Tether (USD₮) across the broader DeFi ecosystem. These integrations ensure that core stablecoin functionality is available from day one, while the team is focused on enabling deeper regional expansion through institutional partnerships and local payments infrastructure.

To support this vision, Plasma has assembled a team of exceptional technical and institutional talent. Over ten engineers have recently joined, including founding engineers from Fuel and developers from Nethermind, Bloomberg, Protocol Labs, and others. The team is focused on solving complex performance challenges across the stack, from consensus to execution, with the goal of enabling zero-fee USDT transfers at massive scale. On the business side, Plasma has added senior leadership from Goldman Sachs to lead institutional efforts, alongside new hires focused on ecosystem and growth, as well as an industry expert General Counsel to lead policy efforts.

The XPL token sale is the next critical step in launching the Plasma network and building the financial rails of tomorrow. For more information, users can visit plasma.to.

About Plasma 

Plasma is a high-performance, scalable, and secure blockchain purpose-built for stablecoin payments. Plasma, a Bitcoin sidechain with a custom BFT consensus and full EVM compatibility, introduces new payment rails that deliver zero-fee transfers for USD₮, lightning-fast transactions, and robust security. Backed by Bitfinex and USD₮0, Plasma is specifically built to drive global stablecoin adoption. For more information, users can visit plasma.to.

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