Plasma Secures $24 Million to Develop Bitcoin-Based Blockchain for Tether's USDt

On February 13, Plasma, a stablecoin company, announced it has raised $24 million to develop a new blockchain for Tether's USDt, the world's leading stablecoin. According to Fortune, the funding round was led by Framework Ventures, with participation from Bitfinex, Peter Thiel, and Tether CEO Paolo Ardoino. Plasma's new blockchain, built on the Bitcoin network, aims to attract users by offering zero-fee USDt transactions. While USDt is available on multiple blockchains, Plasma focuses on rapid stablecoin trading, charging service providers like Curve and Aave instead of users. This development occurs amidst increasing competition in the stablecoin market, with initiatives like the Global Dollar Network supporting Paxos' USDG and Crypto.com planning its own stablecoin launch.