This year's largest stablecoin project, Plasma, goes live tonight. The team has a controversial history with a past rug pull incident.

BlockBeats News, September 25th, according to official sources, this year's largest stablecoin project Plasma (XPL) will conduct its TGE at 8 pm tonight and be listed on mainstream exchanges such as Binance at 9 pm.

Public information shows that Plasma has undergone a total of 3 rounds of financing, with the first two rounds led by Bitfinex and Framework Ventures, and also received a strategic investment from Peter Thiel's Founders Fund.

In addition, Plasma has also conducted 3 rounds of public sales, with the first round of deposits opened on June 9th, initially capped at $500 million and sold out in 3 minutes, followed by an emergency increase to $1 billion. During this period, there were even cases of whales paying $100,000 gas fees to preempt deposit channels, causing a market sensation.

Regarding the previously rumored close relationship with stablecoin giant Tether, KOL CryptoUnchained once revealed: The Plasma team is composed of the original L2 project Blast team. Plasma's relationship with Tether is not close. The main operator of Plasma is Framework Ventures, which, using information asymmetry, has packaged Plasma as the "Tether prodigy," but the entire team has virtually no genes related to payments or stablecoins.

As of the time of writing, XPL is currently trading at $0.73, with a corresponding FDV of $7.3 billion.