Framework Ventures led a $20 million Series A round for the stablecoin firm Plasma, bringing the company's total funding raised to $24 million. 

Plasma is building a blockchain specifically built for Tether's USD-pegged stablecoin USDT to enable more efficient transactions. The firm plans to use its funding to continue developing its network, which is an EVM-compatible Bitcoin sidechain to facilitate USDT transfers with no fees, according to a release shared with 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,” said Plasma Founder and CEO Paul Faecks in a statement. “By leveraging Bitcoin as a foundation, zero-fee USD₮ transfers, alongside a purpose-built ecosystem and infrastructure for stablecoins with deep liquidity, Plasma creates the most secure, scalable, and efficient blockchain for stablecoins on the market.”

Plasma previously raised $3.5 million in funding led by Bitfinex in October 2024.

Based on data from The Block's Tether Price Page, USDT is the largest USD-pegged stablecoin in the world, with a market capitalization of $142.42 billion worth of USDT out of the $219.71 billion worth of total stablecoin supply. USDT is also the third largest cryptocurrency by market cap behind bitcoin and ether. 

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