Carey Olsen Advises Plasma on $1 Billion Token Program
Deal News | Jul 08, 2025 | Carey Olsen
Carey Olsen provided legal advice to Plasma on its groundbreaking $1 billion stablecoin deposit program, which grants participants the right to participate in the public sale of XPL tokens. The program's deposit cap was rapidly scaled up due to increased demand, quickly reaching the $1 billion threshold with contributions from over 2,900 wallets. The XPL token launch will utilize Sonar, an innovative sales platform built by Echo. Carey Olsen's Digital Assets and Fintech team, led by Mark Dehaini, played a pivotal role in guiding Plasma's legal compliance, particularly in the Cayman Islands. The development underscores a favorable market trend towards stablecoins and digital assets.
Sectors
- Digital Assets
- Fintech
- Venture Capital
Geography
- Cayman Islands – Carey Olsen advised on the Cayman Islands aspects of the Plasma project.
Industry
- Digital Assets – The article involves stablecoins and token sales, which are key components in the digital assets sector.
- Fintech – Plasma's use of innovative sales software for its token launch is indicative of the financial technology advancements within the industry.
- Venture Capital – The private funding round for Plasma was led by Founders Fund, a notable venture capital firm co-founded by Peter Thiel.
Financials
- $1 billion – The total cap of the stablecoin deposit program for Plasma.
- $250 million – The initial cap for the stablecoin deposit program, which was subsequently increased.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Carey Olsen | Legal Advisor | Company | Provided legal advice on Cayman Islands aspects of the Plasma project. |
| Plasma | Target Company | Company | Conducted a $1 billion deposit program and preparing for the public sale of XPL tokens. |
| Founders Fund | Venture Capital Investor | Company | Led the private funding round for Plasma. |
| Echo | Technology Provider | Company | Developed the Sonar technology for direct community fund-raising used in Plasma's token launch. |
| Mark Dehaini | Partner and Associate at Carey Olsen | Person | Advised Plasma on all Cayman Islands aspects of the launch. |