Bitcoin-stablecoin-focused sidechain Plasma has raised $373 million in an oversubscribed public token sale of XPL, surpassing its original $50 million target by more than sevenfold.

The conclusion of the 10-day sale, which saw participation from over 2,900 wallets, values Plasma at $500 million.

“Plasma mainnet beta will launch with $1B in stablecoin TVL, the fastest chain to reach this number in history,” said the Plasma team on X.

This story is an excerpt from the Unchained Daily newsletter.

XPL is Plasma’s native token that secures the network, while also powering transaction fees and validator rewards. The token has an initial supply of 10 billion at mainnet beta launch, with 25% earmarked for the team and another 25% allocated towards investors.

Notable investors backing Plasma include Peter Thiel’s Founders Fund, Framework Ventures, and Bitfinex. U.S. investors will face a 12-month lockup on their tokens, while investors outside the U.S. will receive unlocked tokens upon launch.