June 10, 2025

at

12:00 am

EST

(Updated:

)

MIN READ

$500M Deposited to Plasma in Six Minutes

Arkham
Article
Guides
News
Reports
Trading

Contents

    Plasma Vault on Arkham
    Plasma Vault on Arkham

    Deposits for stablecoin payments sidechain, Plasma, opened yesterday, with users depositing a total of $500M into the protocol in just six minutes. The deposit initially opened with a cap of $250M, but was filled almost instantly. The cap was then raised to $500M, which was quickly snapped up over the next five minutes. A single user, 0x152, spent 39.15 ETH or slightly under $100K in gas just to get in a deposit of $10M.

    Plasma depositor, 0x152, paying 39.15 ETH to deposit $10.17M
    Plasma depositor, 0x152, paying 39.15 ETH to deposit $10.17M

    Plasma is a purpose-built stablecoin blockchain, designed with high speed transactions and zero fees in mind. The chain is settled on Bitcoin, while still maintaining full EVM-compatibility. With the backing of Bitfinex and Tether, Plasma has become one of the hottest proxy bets on the stablecoin narrative, especially with the success of Circle’s recent IPO.

    Information provided herein is for general educational purposes only and is not intended to constitute investment or other advice on financial products. Such information is not, and should not be read as, an offer or recommendation to buy or sell or a solicitation of an offer or recommendation to buy or sell any particular digital asset or to use any particular investment strategy. Arkham makes no representations as to the accuracy, completeness, timeliness, suitability, or validity of any information on this website and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. Digital assets, including stablecoins and NFTs, are subject to market volatility, involve a high degree of risk, can lose value, and can even become worthless; additionally, digital assets are not covered by insurance against potential losses and are not subject to FDIC or SIPC protections. Historical returns are not indicative of future returns.