Plasma to Reopen $500 Million Deposit Quota, Raising Total Cap to $1 Billion

On June 12, it was reported that the stablecoin project Plasma announced it would reopen its $500 million deposit cap in one hour (at 9:00 AM Beijing time), raising the total cap to $1 billion. Deposits earn yield on Aave and Maker through Veda-audited vault contracts. After the lock-up period ends, all assets will be converted to USDT. Previously, Plasma received strategic investment from Founders Fund, led by Peter Thiel, and in February this year announced the completion of a $24 million funding round ($20 million Series A and $4 million seed round), led by Framework Ventures, with participation from cryptocurrency exchange Bitfinex, venture capitalist Peter Thiel, and Tether CEO Paolo Ardoino.