High Tower
@htwtech
1/10 Tether claims it's backed. Circle publishes audits. But can you actually verify what backs your stablecoin? @PlasmaFDN thinks you should, and built a chain for that. 🧵 What is Plasma, and why it matters for Bitcoin. https://t.co/fn8ueVL2Yd 2/10 Plasma is launching USD₵0 , a Bitcoin-backed stablecoin with onchain audit and public multisig reserves. The XPL sale is starting soon. This isn't a critique of existing stablecoins: it's a new take on transparency.
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High Tower
@htwtech
3/10 Every dollar is overcollateralized with BTC. Held in public multisigs. Tracked by a custom chain, PlasmaChain, built for verifiable stablecoins. 4/10 Plasma runs its own blockchain to record every mint, redeem, and liquidation. You can trace every US dollar to the BTC that backs it. 5/10 Most stablecoins rely on external attestations. Plasma takes a different route. Anyone can verify reserves directly, no intermediaries, no PDF reports.
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High Tower
@htwtech
6/10 The native token, XPL, will launch through a public vault sale. Users earn allocation units by depositing stablecoins early. It’s open June 9 at 13:00 UTC. 7/10 There’s a cap, $50M per wallet. Deposit ≠commitment. You’ll need to explicitly buy XPL once the sale opens. 8/10 Plasma raised $24M from @foundersfund, @Bitfinex, Framework, and others. Paolo from Tether is backing it. This is not a memecoin moment, it's a long-term bet on Bitcoin-native finance. https://t.co/1I5OgVMoHj
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