Is the 'exclusive public chain' for stablecoins coming? Plasma raises $24 million, Bitcoin sidechain+zero fees, attempting to restructure the underlying payment system The annual transaction volume of stablecoins has exceeded $15 trillion and is becoming a core tool for on chain payments and financial services. However, the existing chain infrastructure has not been optimized for its characteristics, and high gas costs, performance bottlenecks, and centralization risks still exist widely. Plasma emerged: a high-performance Bitcoin sidechain designed specifically for stablecoins, compatible with EVM, supports USDT zero transaction fee transfers, and plans to achieve complete decentralization. Plasma is composed of Framework Ventures、Bitfinex、Founders Fund、Tether CEO Paolo Ardoino、Cobie Waiting for investment, the total financing has reached 24 million US dollars. Its underlying consensus PlasmaBFT is evolved from Fast HotStuff and supports thousands of transactions per second. The state root is anchored to the Bitcoin main chain to inherit its security. The network adopts a "dual channel" architecture, with one free but waiting, and the other charged but faster, striving to balance inclusiveness and efficiency. In addition, the Plasma native token XPL is currently available for pre-sale through the Echo Sonar platform, with public shares accounting for 10% of the total and a valuation of $500 million. Participants need to complete KYC and jurisdictional screening, deposit stablecoins to obtain allocation units, and lock up for at least 40 days. US users who are not qualified investors cannot obtain token circulation rights. Plasma emphasizes that its goal is not only to lower the threshold for on chain payments, but also to build the next generation of digital dollar infrastructure. At present, it has received funding from Founders Fund and will focus on promoting the landing of stablecoins in Latin America and the Middle East. This is not only the birth of a new chain, but also an important signal that stablecoin infrastructure has entered the era of "exclusive public chains".