PANews reported on February 13 that according to Fortune magazine, the stablecoin company Plasma announced that it has raised US$24 million in its first round of financing. This round of financing was led by Framework Ventures, with participation from cryptocurrency exchange Bitfinex, well-known venture capitalist Peter Thiel and Tether CEO Paolo Ardoino.

According to reports, Plasma is tailoring a blockchain for the most popular stablecoins and hopes to launch it in the coming months. The blockchain aims to attract stablecoin users by providing zero-fee USDT transactions. Paul Faecks, co-founder of Plasma, said he chose to build on the Bitcoin blockchain because it is considered one of the safest and most decentralized blockchains. Although the two chains are interconnected, Plasma has its own consensus mechanism-a set of rules that determine the scalability, security, and decentralization of the blockchain.