🎉 [Gate 30 Million Milestone] Share Your Gate Moment & Win Exclusive Gifts!
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Remember the thrill of opening your first account, or the Gate merch that’s been part of your daily life?
📸 Join the #MyGateMoment# campaign!
Share your story on Gate Square, and embrace the next 30 million together!
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1️⃣ Post a photo or video with Gate elements
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Plasma Sets July 17 Token Sale Ahead Of Mainnet, New Stablecoins
HomeNews* Plasma will hold its public token sale for the XPL token on July 17 after $1 billion in cryptocurrency deposits last month.
Participants must lock their tokens by July 14, with a mandatory 40-day lock-up following the sale’s completion. Paul Faecks, founder and CEO of Plasma, stated that this approach helps maintain regulatory compliance. U.S. investors face a 12-month holding requirement due to regulations.
The company reports the earliest possible mainnet launch as August 26, if the sale sells out on day one. This timeline fits Faecks’ predicted “late summer” date. Jacob Wittman, general counsel at Plasma, said, “The team is fully focused on getting to mainnet as soon as we’re confident the system is ready.” The network is undergoing its third security audit.
Upon mainnet launch, Plasma plans to introduce several unreleased stablecoins. The team did not specify if any are backed by traditional companies, but confirmed ongoing discussions with financial institutions and fintechs interested in stablecoins to improve efficiency and reach new markets.
Plasma’s blockchain is designed for stablecoins, with features including gasless transactions. It will use Bitcoin for settling transactions but will operate much like Ethereum and support Ethereum-based protocols and applications. The network will remain permissionless, allowing any developer to launch projects.
The stablecoin market worldwide is valued at about $255.9 billion, according to DefiLlama. Industry observers expect more growth, especially if the GENIUS Act passes in the U.S. This legislation would create clear rules for issuing and trading stablecoins.
Plasma seeks to position itself as a leader in this expanding field.
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