70% of $1B Plasma deposits held by top 100 wallets, showing concentrated interest in XPL sale

Investor demand for Plasma’s upcoming XPL token continues to soar, with the stablecoin infrastructure platform now securing $1 billion in deposits to support the planned sale.

Plasma confirmed that its revised $1 billion deposit cap was reached in under 30 minutes on June 12, doubling its initial $500 million target.

The firm stated that 2,900 wallets participated in the round, and the median deposit was $12,000.

Additional data from the analytical platform Sealaunch showed that the top 100 addresses represent 70% of the deposits, with 58% in USDC and 40% in USDT.

Meanwhile, blockchain intelligence firm Arkham Intelligence data reports that a wallet linked to Plasma now holds around $1 billion in stablecoins. The holdings include approximately $588 million in USDC, $395.85 million in USDT, $16.67 million in USDS, and $3.39 million in DAI.

Why Plasma reopened deposits

The company opened its deposit program earlier this week to gauge market appetite for its platform. However, the first round filled quickly, leaving many investors shut out.

To address community frustration over bot-driven deposits in the first phase, Plasma reopened the process with little advance notice. The move aimed to provide fairer access to legitimate participants, particularly those active in its online community.

It stated:

“We reopened the cap to give those users a better opportunity. The announcement was made on short notice to reduce bot setups and create more room for real participants, especially those active in our Discord and with notifications on.”

Plasma is a stablecoin-focused infrastructure platform that operates as a Bitcoin sidechain. The network is compatible with Ethereum Virtual Machine (EVM) and is designed to process fast and cost-efficient transactions.

XPL sales

Despite the overwhelming $1 billion deposits, only a small portion will translate into token purchases.

The company clarified that these deposits are not part of the token sale. Instead, investors are securing priority access to XPL tokens once the official sale begins. Final allocations will depend on individual contributions at the close of the deposit window.

Plasma plans to offer $50 million worth of XPL at a $500 million fully diluted valuation, representing roughly 5% of the current deposits.

According to Plasma:

“This is not a $1 billion raise. Deposits are not the sale itself, and the XPL public sale hasn’t started yet. All funds will be bridged to Plasma mainnet beta and remain fully owned by depositors. Depositors earn the right to participate in the sale based on their final units at the time of the lock-up.”

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