The stablecoin project Plasma's new $500 million deposit quota was sold out within 30 minutes.

BlockBeats News, June 12: The stablecoin project Plasma has seen its newly added $500 million deposit cap sell out within 30 minutes, bringing the current total cap to $1 billion. Users can deposit stablecoins into the vault to start earning unit shares, which determine their subscription allocation in the XPL public sale. Deposits generate yield on Aave and Maker through the Veda-audited vault contract. After the lock-up period ends, all assets will be converted to USDT.

On June 9, a specific address spent 39.15 ETH (approximately $100,000 worth) in gas fees to become the first address to make a Plasma deposit, successfully staking 10.17 million USDC to Plasma.

Plasma previously secured strategic investment from Peter Thiel's Founders Fund. In February of this year, the project announced the completion of a $24 million fundraising 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.