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🌙 Plasma Fills $500 Million ICO Instantly

The hyped ICO for the Tether-backed 'stablechain' lived up to expectations, selling out in minutes.

Author

Mike Gavela
June 10, 2025

In partnership with

Crypto Roundup - June 10

PayPal’s PYUSD stablecoin has rebounded strongly, now exceeding $1 billion in market capitalization and ranking among the top ten stablecoins in DeFi. Meanwhile, the SEC is weighing a new “innovation exemption” that would allow DeFi projects to operate under provisional regulatory relief while comprehensive guidelines are developed. At the same time, Plasma—a Bitcoin sidechain optimized for stablecoin activity—closed a $500 million token sale within minutes, highlighting both investor appetite and ongoing concerns around token distribution and centralization.

Top Stories

  • PayPal’s PYUSD tops $1 billion – The stablecoin has doubled since early 2025, now ranking in the top 10 DeFi stablecoins by market cap.

  • SEC rolls out “innovation exemption” for DeFi – A proposed framework would offer temporary compliance relief for qualified DeFi protocols.

  • Tether‑backed Plasma ICO raises $500 million – The token sale filled instantly, drawing over 1,100 wallets amid whale concentration concerns.

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TOP STORIES

Stablecoin Blockchain Plasma Fills $500 Million ICO Instantly - "The Defiant"

The hyped ICO for the Tether-backed 'stablechain' lived up to expectations, selling out in minutes.

thedefiant.io/news/blockchains/stablecoin-blockchain-plasma-fills-usd500-million-ico-instantly

SEC Considers ‘Innovation Exemption’ for DeFi Projects - "The Defiant"

Industry response to the Securities and Exchange Commission’s DeFi Roundtable has been overwhelmingly positive.

thedefiant.io/news/regulation/sec-considers-innovation-exemption-for-defi-projects

PayPal’s PYUSD Stablecoin Surpasses $1 Billion Market Capitalization - "The Defiant"

The fintech giant’s native stablecoin is the 10th-largest in DeFi.

thedefiant.io/news/defi/paypal-s-pyusd-stablecoin-surpasses-usd1-billion-market-capitalization

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Pro-Bitcoin Scott Bessent emerges as candidate for next Fed chair

Scott Bessent and Kevin Warsh are frontrunners to succeed Jerome Powell as Fed Chair, with Trump set to decide soon.

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Blockchain Use Surging at Fortune 500, Smaller Firms: Coinbase - Decrypt

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