The largest stablecoin project this year, Plasma, will go live tonight, but the team's previous rug pull history has caused controversy.

On September 25, according to official news, this year's largest stablecoin project Plasma(XPL) will have its TGE at 8 PM tonight and will go live on CEX and other mainstream trading platforms at 9 PM. Public information shows that Plasma has completed a total of 3 rounds of financing, with the first two rounds led by CEX and Framework Ventures, and it also received strategic investment from Founders Fund under Peter Thiel. In addition, Plasma has conducted 3 rounds of public sales, with the first round of deposits starting on June 9, having an initial cap of 500 million USD which sold out in 3 minutes, and was then urgently raised to 1 billion USD. During this period, there was even a case where a Whale paid a 100,000 USD Gas fee to seize the deposit channel, causing a stir in the market. Regarding the previous market rumors about a close relationship with stablecoin giant Tether, KOL Crypto Fearless revealed that the Plasma team consists of the original team from the L2 project Blast. Plasma does not have a close relationship with Tether. The main operator of Plasma is Framework Ventures, which packaged Plasma as 'Tether's favorite child' using information asymmetry, but the entire team basically has no genes related to payments or stablecoins. As of the time of publication, XPL is currently priced at 0.73 USD, corresponding to an FDV of 7.3 billion USD.