Carey Olsen advises Plasma on US$1 billion deposit program
Carey Olsen's Digital Assets and Fintech team has advised Plasma, an EVM-compatible L1 network designed specifically for stablecoins, on its successful pre-launch deposit program whereby US$1 billion was deposited into a smart contract 'vault' ahead of the launch of Plasma's native XPL token.
Participants that deposited stablecoins into the Plasma USD Vault now have the right to access the public sale of XPL tokens in accordance with their time-weighted share of total vault deposits and on the same terms as Plasma's prior private funding round, led by Founders Fund (the venture capital firm co-founded by Peter Thiel).
The vault deposit cap was initially set at US$250 million and this increased a further two times due to overwhelming demand – first to US$500 million and then to US$1 billion. The US$1 billion cap was filled within 30 minutes, with 2,900+ wallets contributing a median deposit amount of US$12,000.
Plasma's public launch of the XPL token will be conducted using Sonar, a new way for founders to raise directly from their own community, using project-specific sales software and compliance tools developed by private syndicate platform Echo, also a client of Carey Olsen's Digital Assets and Fintech team.
Carey Olsen partner Chris Duncan and associate Mark Dehaini advised Plasma on all Cayman Islands aspects of the launch.
Chris commented: "It is incredible to have supported the deployment of the hugely successful Plasma deposit program and to be continuing to support Plasma's XPL launch, which will be one of the first public token sales by a major project drawing on the Sonar technology built by Echo. The success of the deposit program, and the significant interest in the launch, also highlights the market's bullishness on stablecoins and related products."
Carey Olsen's Digital Assets and Fintech team regularly advises clients on the largest projects in the digital assets, crypto and fintech space, including novel and complex token launches.
