Plasma Unveils the XPL Public Sale, Fueled by Echo’s Sonar Technology

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

Plasma will be the inaugural project to utilize Echo’s new token sale platform, Sonar

Today, Plasma, a blockchain designed specifically for stablecoins and supported by Bitfinex and Founders Fund, revealed that it will be the first to host a public sale on Echo’s novel token sale framework known as Sonar.

Echo, established by Cobie, leads the market in providing private investment infrastructures for nascent projects. The company is debuting its public sale product, Sonar, with Plasma being the first to ever execute a public sale through this platform.

During this public sale, 10% of the total XPL supply will be made available, reflecting a fully diluted valuation of $500 million.

The public sale follows a recent investment by Peter Thiel’s Founders Fund, an early supporter of the Plasma initiative. This event allows the public to engage in the XPL offering at the same valuation as Founders Fund’s equity stake, facilitating equal access and fostering a fair launch at unmatched scale.

Plasma is on a mission to create a global financial system using a blockchain specifically engineered for stablecoins. Merely having infrastructure is insufficient; the focus must also be on engaging users, developers, and institutions from the very beginning to help shape the network.

The design of the XPL sale is indicative of the network Plasma aims to create: one that emphasizes participation, alignment, and transparency.

XPL Token

The XPL token is integral to the ecosystem, supporting the PlasmaBFT consensus mechanism, facilitating execution via the Reth-based EVM, and serving as the foundation for the trust-minimized Bitcoin bridge. This sale marks the initiation of XPL distribution for individuals eager to contribute to the network’s growth.

Sale Mechanics

To qualify for an allocation, participants must deposit stablecoins into the Plasma vault on Ethereum. Each individual’s share in the sale is calculated based on their time-weighted contribution to total vault deposits. Once the deposit window closes, the sale commences, and vault positions are secured. After the Mainnet Beta launch, positions will be transferred to Plasma, made withdrawable, and XPL tokens will be allocated.

Building the Financial System of Tomorrow

Plasma is entering the market with a robust network of strategic partners across payments and DeFi sectors. Collaborations include Yellow Card, a top stablecoin on/off-ramp in Africa, and BiLira, a stablecoin pegged to the Turkish Lira, which provides immediate access to vital regions such as MENA. In the DeFi sector, partnerships with Curve, Ethena, and other prominent DeFi applications will enhance the use of Tether (USD₮) throughout the broader ecosystem. These integrations ensure foundational stablecoin functionalities are ready from the start while the team actively pursues regional growth through institutional collaborations and localized payment systems.

To realize this ambition, Plasma has gathered an exceptional team with vast technical and institutional expertise. Recently, over ten engineers have joined the ranks, including founding members from Fuel and developers from Nethermind, Bloomberg, Protocol Labs, and more. This team is committed to addressing complex performance issues across the entire stack, from consensus to execution, aspiring to enable zero-fee USDT transfers at large scales. On the business front, Plasma has welcomed senior executives from Goldman Sachs to oversee institutional initiatives, along with new hires concentrating on ecosystem development and growth, as well as a General Counsel specializing in policy matters.

The XPL token sale represents a pivotal milestone in the launch of the Plasma network and the construction of future financial infrastructure.

About Plasma

Plasma is a high-performance, scalable, and secure blockchain tailored for stablecoin transactions. As a Bitcoin sidechain equipped with a custom BFT consensus and full EVM compatibility, Plasma offers innovative payment solutions that provide zero-fee transfers for USD₮, rapid transaction times, and strong security. Supported by Bitfinex and USD₮0, Plasma is specifically designed to promote global stablecoin adoption.