Tether, the main Stablecoin, controls 70% of the market and achieved $ 13.7 billion in profits last year. To take advantage of it, Paul Faecks, co-founder of Plasma, develops a blockchain specifically for Tether, aimed at offering attachment transactions and attracting stablecoin users.
Plasma to launch the specific home blockchain
Plasma is designed to be a scale on the Bitcoin blockchain, with entirely compatible with the Ethereum virtual machine (EVM), which feeds a large part of decentralized finance. The team aims to solve problems such as high fees and scalability problems encountered by stablescoins on other blockchains, using Bitcoin safety and activating USDT transactions at zero.
Plasma plans to launch a blockchain designed specifically to Tether in this year Q2, led by Framework Ventures. The plasma blockchain will provide USDT transactions at zero.
Plasma collects $ 24 million in funding
On Thursday, the company revealed that it had raised $ 24 million during its first cycle of funding. The investment was led by Framework Ventures, with the support of Crypto Exchange Bitfinex, the venture capital Peter Thiel and the CEO of Tether Paolo Ardodino. Funding, led by Framework Ventures, will help launch Testnet and Mainnet de Plasma and support its expansion in funding, payments and DEFI applications.
In particular, the investment comes after a round of $ 4 million supported by the first supporters, notably Bitfinex, the CEO of Tether Paolo Ardodino, the venture capital Peter Thiel and the merchants of crypto cobie and Zaheer Ebtikar.
Tether is available on blockchains like Solana, Tron, Polkadot and Bitcoin via the Omni layer, which adds additional capacities. However, Paul Faecks explained that plasma makes transactions faster and more affordable by focusing only on stablecoins. By removing features such as NFT Trading, same, Airdrops and decentralized voting, plasma can more effectively manage the high volume of stablecoin transactions, he noted.
Stablecoins, a dominant force
Recently, the Stablecoins stormed the world of cryptography, exceeding $ 220 billion in offer and becoming a must for payments and daily savings. While Bitcoin is the oldest blockchain, most of the Stablecoin activity occurs on more recent channels like Ethereum, Tron and Solana.
“The Stablecoins are clearly victorious of the adoption of the blockchain, but they are treated as second -class citizens on current blockchains,” said Paul Faecks, founder and CEO of plasma. “By taking advantage of Bitcoin as a foundation, USDT transfers at zero fresh, alongside an ecosystem and an infrastructure specially designed for stablescoins with deep liquidity, plasma creates the most secure, scalable and efficient blockchain for Stablecoins on the market, “he added.