Campaign Mechanics

Phase 1 Controversy

Compliance and Risk Landscape

Market Participation

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Liquidity Implications for the Stablecoin Market

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Conclusion

USDT0

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After a chaotic first phase that raised $825M in 22 minutes, Stable returns with a $500M Phase-2 campaign on Hourglass — enforcing KYC, wallet caps, and anti-bot rules to rebuild trust.

Bitfinex

Stable’s $500M Pre-Deposit Campaign

What is Plasma (XPL)?

Mainnet Launch Details

Trading Debut — Market Reactions and Volumes

Plasma token market cap (pre-market) graph

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Tokenomics and Supply Metrics

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Ecosystem Positioning

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Risks and Challenges

Outlook

Plasma (Pre-Market)

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Plasma (XPL) went live on Sept 25, 2025, with $2B in liquidity, zero-fee USDT transfers, and a 14.6x ICO-to-market surge. Backed by Tether and Founders Fund, the chain targets stablecoin payments at scale.

Cobie

Framework Ventures

Plasma $XPL Mainnet Launch

Inside the ICO Details and What’s Next for the Project

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XPL Public Sale

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Confidence in the Project and Its Backers

Plasma raises $24M in Seed and Series A rounds with support from top investors

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Decreased Potential Returns

What Is Plasma?

Ethereum

Bitcoin

Tether

Glowing "$1B" hologram above a circular platform with a suited figure in a dark, futuristic crypto-themed illustration

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Plasma, the first project launched on Cobie’s Sonar platform, stunned the crypto world by raising $1B in days. With high-speed deposits, major backers, and a stablecoin-first blockchain design, Plasma is shaping up to be a serious player in DeFi.

DRW Venture Capital

Bybit

Mirana Ventures

Nomura

Founders Fund

Peter Thiel

Paolo Ardoino

Plasma Raises $1B on Sonar Platform

ICO Plasma by Tether

How does the sale work?

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How much can you return from a $1,000 investment?

Why this ICO could be an opportunity for investors

Who invested earlier?

Community support isn’t just talk

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Plasma’s $250M XPL Token Sale

Minimalist digital illustration of a futuristic balance scale in teal light, set against a dark, clean background.

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Downsides of the Decision

Potential Upsides

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USDS

Tether coin glowing above a launchpad with radial lines and a silhouetted figure on a dark teal background.

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Plasma is launching a major public token sale for XPL via Sonar, Echo’s new platform. With backing from Tether and Cobie, and a fair, transparent structure, it’s a rare shot at early access without insider ties.

echo

Coinbase Ventures

XPL Token Sale Launches June 9 on Sonar

How is Twenty One Capital changing the Bitcoin ecosystem?

Why is Twenty One Capital buying Bitcoin?

Who is Funding Twenty One Capital?

Supporting innovation and startups

Why do Bitcoin metrics matter?

Who is behind Twenty One Capital?

Macroeconomics and Bitcoin

What does this mean for all of us?

A symbolic tree growing from a Bitcoin base with icons for finance, housing, and industry

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Twenty One Capital isn’t just buying Bitcoin—it’s building the future of finance. With bold acquisitions and backing from Tether and SoftBank, the firm is shaping a new era where BTC becomes part of everyday financial life.

SoftBank

Inside Twenty One Capital’s BTC Mission

Taiwan

Bitfinex is the world's leading digital asset trading platform.

United States of America

We believe in Bitcoin as a next generation politically neutral monetary system, the foundation for decentralized finance of the future. While Bitcoin is an efficient settlement layer, it needs a Layer-2 solution for everyday transactions. That is why we support development of the Lightning Network - an essential step towards decentralized finance.As technology entrepreneurs we combine decades of experience creating business from zero and scaling it in emerging and fast-growing industries.
We support outstanding teams in several ways: writing checks of $50-$200k for pre-seed startups; granting rewards for acknowledged contributions to the ecosystem; providing startup advisory and mentoring; investing in later stages.

Along the way we help startups to navigate cryptocurrency legal and regulatory environment according to the evolving industry standards and best practices.

Fulgur Ventures

Kaleidoswap

Nascent is a team of builders who back early-stage crypto founders creating products and primitives for an open financial world.

Nascent

SIG is a global quantitative trading firm committing its own capital to trade financial products around the world.

Susquehanna International Group (SIG)

Virgin Islands (British)

Bybit is a global cryptocurrency derivatives exchange designed for all retail traders, professionals and investment institutions alike.

Hack VC is a web3 venture capital firm. Hack VC partners with online and offline hackers who are building the future of the internet.

Hack VC

Hong Kong

Blue Pool Capital is a Hong Kong based alternative asset manager licensed by the Hong Kong.

Blue Pool Capital

Mirana Ventures is a leading global investment fund that provides long-term capital and strategic partnerships to visionary founders and fund managers in the Web3 space.

eGirl Capital is a venture capital investment company that was established in 2019. The company wants to invest in the decentralised and blockchain industries.

eGirl Capital

Nathan McCauley is the co-founder and CEO of Anchorage.

Nathan McCauley

Castle Island Ventures is a venture capital firm

Castle Island Ventures

Franklin Templeton

BTSE Labs

Seychelles

KuCoin Ventures was founded in 2017 and is from Seychelles. KuCoin Ventures has made 31 investments so far, the most recent investment project is Port3 Network, and the investment announcement time is October 23, 2023

According to the CoinCarp fundraising database, KuCoin Ventures has invested in 8 Web3 projects, 5 DeFi projects, 3 NFTs projects, 2 Infrastructure projects and 1 Others projects. Among all, 42.11% of KuCoin Ventures's investments are Web3 projects.

KuCoin Ventures

Italy

Paolo Ardoino is the CEO of Tether & CTO of Bitfinex

Gabriel Abed

Bryan Johnson

Stable (Pre-Market)

PayPal Ventures invests in companies at the forefront of innovation in fintech, payments, commerce enablement, artificial intelligence, blockchain and cryptocurrency, and regulatory and cyber technology.

PayPal Ventures

Zaheer

Investing in the crypto-powered Web3 and creator economy ecosystems

6MV (6th Man Ventures)

Cobie, a well-known pseudonymous figure, has made a significant impact both on crypto Twitter and within the broader cryptocurrency industry. Beyond his online presence, he's also recognized as the founder of Echo.

DRW Venture Capital, an arm of principal trading firm DRW, invests primarily in financial and enterprise technology. Many of our portfolio companies benefit from our engagement beyond capital: as a client, as a liquidity provider, through our review of new products, and through our deep industry expertise.

As a firm with no outside investors, wehave a flexible mandate to deploy capital and often tap into our core business to help companies grow. We’re powered by the people, technology and ideas of DRW, and those we invest in may leverage it all. DRW has diversified business expertise and deep networks in trading and technology, real estate investment, cryptocurrencies and product development — a unique advantage.

Flow Traders

IMC Financial Markets

Laser Digital is a crypto business redefining the frontier of digital finance for institutional investors.

Laser Digital

Guy Young

Framework Ventures is a cutting-edge venture capital firm deeply immersed in the world of decentralized finance (DeFi) and blockchain technology. Founded by Michael Anderson and Vance Spencer, Framework Ventures stands out as a key player in the rapidly evolving landscape of digital assets and blockchain-based financial innovations.

Plasma

Founders Fund is a venture capital firm based in San Francisco, specializing in investments in science and technology companies.

Manifold Trading is a early-stage web3 fund that takes a data-driven, systematic approach to making high-conviction investments.

Manifold Trading

Anthos Capital

Karatage

Christian Angermayer

Shima Capital is an early stage VC firm investing in disruptive web3 and blockchain technology companies.

Shima Capital

Galaxy Interactive is a venture capital firm focused on interactive content and technology companies.

Galaxy Interactive

Singapore

Mask Network is the Portal to the New, Open Internet.

Mask Network

Planetarium

MARBLEX

Square Enix

DeFimans

Seamoon Protocol

OrionX

GD10 Ventures

CMS Holdings may also invest in early-stage blockchain and cryptocurrency projects through private investments and strategic partnerships. They provide capital and support to innovative startups in the crypto space.

CMS Holdings

United Arab Emirates

DWF Labs is the new generation Web3 investor and market maker, one of the world's largest high-frequency cryptocurrency trading entities, which trades spot and derivatives markets on over 60 top exchanges.

DWF Labs

Arcanum Capital is a growth-driven investment in decentralized protocols.

Arcanum Capital

Vietnam

The Vietnamese VC fund Kyros Ventures invests capital into projects at various stages.

Kyros Ventures

The UDHC can help guide projects in order to maintain a compliant arc of decentralization.

UDHC

AVA is a next-generation blockchain platform with revolutionary scalability, decentralization, security, and flexibility.

Ava Labs

GSR Ventures is a venture capital firm focused on early-stage technology companies developing AI-enabled enterprise software, consumer platforms, and healthcare technology.

GSR Ventures

South Korea

Cosmostation

Binary Financial LLC is an Investment management company focused on providing superior returns in the digital asset space.


XPL Plasma	$0.1864	−7.09%	$336.06 M	$1.87 B	--	--	$0.05	3.73x
DUSK Dusk	$0.0465	−0.97%	$22.66 M	$23.27 M	$0.0404	1.15x	--	--
FOX ShapeShift FOX	$0.01364	−0.96%	$8.49 M	$13.64 M	--	--	--	--
UOS Ultra	$0.01065	−0.45%	$5.11 M	$10.65 M	$0.063	0.17x	$0.05	0.21x
NOM Onomy Protocol	$0.01048	0.08%	$1.41 M	$1.78 M	--	--	--	--
ESS Essentia	$0.0001011	−9.12%	$109,245.87	$177,462.18	$0.042857	--	--	--
STABLE Stable (Pre-Market)	$0.0296	−3.35%	--	$2.96 B	--	--	--	--
DVF Rhino.fi	--	0.00%	$5.96 T	--	--	--	--	--
Seamoon Protocol	--	--	--	--	--	--	--	--
LN Markets	--	--	--	--	--	--	--	--
OrionX	--	--	--	--	--	--	--	--
Kaleidoswap	--	--	--	--	--	--	--	--
Thalex	--	--	--	--	--	--	--	--

Bitfinex

About Bitfinex

Recent Investment

Top Performance

Investments Portfolio