Plasma sets $1B deposits and XPL token sale for July 17

Plasma, a blockchain for stablecoins based on Bitcoin, has scheduled its XPL (CRYPTO:XPL) token activity for July 17, aiming to launch its mainnet by late summer.

The project recently attracted $1 billion in deposits, up from an initial $500 million target.

Depositors will receive allocations from the 10% share of the total XPL token supply.

Allocations will be calculated on a pro-rata basis, considering the amount and duration of deposits.

Deposited tokens will be locked from July 14 and remain so for at least 40 days after the activity ends.

Participants wishing to withdraw tokens must do so before July 14.

Founder and CEO Paul Faecks explained the lock-up period is designed to comply with regulations, noting that U.S. participants require a 12-month lock-up.

If the activity sells out on the first day, the earliest mainnet launch could be August 26, aligning with the “late summer” projection.

“The team is fully focused on getting to mainnet as soon as we’re confident the system is ready.” Jacob Wittman, Plasma’s general counsel, said.

However, nearly 62% of Myriad Market predictors expect the mainnet launch to occur after September.

Several unreleased stablecoins are expected to launch alongside Plasma’s mainnet, though the network has not confirmed if traditional companies will issue them.

“Several teams are preparing to launch Plasma-native stablecoins on day one, including a few that are still in stealth.” Wittman noted.

“We’re also in active conversations with traditional players, from fintechs to financial institutions, who see stablecoins as a way to increase efficiency, lower costs, and expand into new markets.” he added.

Plasma is designed specifically for stablecoins, offering features such as gasless stablecoin transactions.

It uses Bitcoin as a settlement layer and is EVM-compatible, mirroring Ethereum's design.

Faecks stated the goal is to become “stablecoin chain number one,” though not all tokens on the network will be stablecoins.

The stablecoin market currently stands at $255.9 billion and could expand significantly if the GENIUS Act passes in the U.S.