Plasma will reopen the $500 million deposit quota, raising the total cap to $1 billion.

BlockBeats reports that on June 12, stablecoin project Plasma announced it will reopen a $500 million deposit cap in 1 hour (at 9 AM Beijing Time), raising the total cap to $1 billion. Deposits are used to earn yields through Veda-audited vault contracts on Aave and Maker. Upon the end of the lock-up period, all assets will be converted into USDT.

Previously, Plasma received strategic investment from Founders Fund, backed by Peter Thiel. In February this year, it announced the completion of a $24 million funding round ($20 million Series A and $4 million seed funding), led by Framework Ventures. Cryptocurrency exchange platform Bitfinex, venture capitalist Peter Thiel, and Tether's CEO Paolo Ardoino also participated in the round.