Framework Ventures Leads $20 Million Series A for Plasma
Framework Ventures has led a $20 million Series A funding round for the stablecoin firm Plasma, increasing its total funding to $24 million.
Plasma is constructing a dedicated blockchain for Tether’s USD-pegged stablecoin, USDT, to improve transaction efficiency. The company aims to use this funding for developing its network, which serves as an EVM-compatible Bitcoin sidechain to enable USDT transfers without fees, as noted in a release to The Block.
“With US President Donald Trump signing an executive order to promote the development and growth of dollar-backed stablecoins, we believe that stablecoins will play an important role in global US dollar dominance over the next decade,” stated Plasma Founder and CEO Paul Faecks. He emphasized that by utilizing Bitcoin, Plasma would facilitate zero-fee USD₮ transfers and develop a robust ecosystem for stablecoins with deep liquidity, making it a secure and scalable option in the market.
Previously, Plasma raised $3.5 million in funding led by Bitfinex in October 2024.
According to The Block’s Tether Price Page, USDT stands as the largest USD-pegged stablecoin worldwide, boasting a market capitalization of $142.42 billion out of a total stablecoin supply of $219.71 billion. USDT is positioned as the third-largest cryptocurrency by market cap, following Bitcoin and Ether.
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