SS #3 - Plasma Completes $500M Stablecoin Vault Raise

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Welcome to our 3rd edition of the StableScope. A new 2x a week, stablecoin-focused newsletter from Launchy. Given the growth of the vertical, there's an increasing demand for more recurring reporting and curation on stablecoins.

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In Today's Edition:

• Headline: Plasma $500M Vault Raise

• Quick Bites: CRCL Hits $130+

• Yield of The Week: 41.65% APY in USDC on Contango

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HEADLINE

Plasma Completes $500M Stablecoin Vault Raise

State of play: Stablecoin payment-focused L1 Plasma raises $500M for its stablecoin vault raise in under an hour.

• The $500M capital allocators will receive 10% of the firm’s XPL token supply.

• 1,100 wallets participated in the sale.

• The average deposits sit at $35,000, although there’s one individual who deposits $50M, the maximum cap.

What’s Next: Participants need to wait for around 40 days before the next step.

Why it Matters: Plasma’s successful raise signals the level of appetite that investors have for stablecoin.

Our Take: The participants of this sale would (NFA) almost guarantee to be in profit given the comparables for L1 out there, not even considering the level of hype and momentum that Plasma has as one of Tether’s (supposedly) core partners for USDT.

QUICK BITES

• Circle hits another all-time high of $130.

• Circle has two ETFs filed by ProShares and Bitwise.

• Solana stablecoin supply dip led by $1.8B USDC outflow.

• US Senate to vote for GENIUS stablecoin bill this Wednesday.

• Bitget Wallet and Tether discuss stablecoin adoption and payments.

• Deutsche Bank considers stablecoin or joining an industry-led initiative.

• Arca CIO Jeff Dorman slams 'measly' CRCL allocation from Circle's IPO.

• South Korean lawmaker proposes stablecoin licensing regime in new bill.

• World Liberty Financial to ‘align’ with Trump memecoin, add it to treasury.

• Plasma completes $500M stablecoin vault raise, selling 10% of its XPL token.

YIELD OF THE WEEK

Midas: 11.81% APY in USDC

• mMEV is a tokenized certificate by Midas in partnership with MEV Capital, focusing on MEV-driven and delta-neutral opportunities in DeFi. Its ERC-20 format allows interoperability across decentralized applications and protocols.

• While Midas may publish indicative strategy performance, these are non-binding and do not guarantee specific returns or entitlements for investors.

• mMEV features strong liquidity with atomic redemption in major stablecoins. At least 10% of the circulating supply is reserved for instant redemption, with a 0.5% redemption fee and a waived 10% performance fee.

Euler Yield mMEV / USDC: 11.81% - 70.12% in mMEV

• This Euler Yield strategy allows users to deposit mMEV as collateral and borrow USDC, leveraging up to 14.27x for maximized yield.

• Users can gain additional APY if they've already deposited in the mMEV vault covered previously.

• Given mMEV's strong performance, this strategy carries minimal liquidation risk.

Contango slvlUSD / USDC on Morpho: 8.95% - 41.6% in USDC

• Contango enables leveraging slvlUSD as collateral, borrowing USDC up to 9.27x to maximize yield and earn up to 9.3x Contango Points and 27.8x Lent Points.

• Users can deposit various assets if slvlUSD isn't available, but the primary trading pair is slvlUSD/USDC, with a maximum investment of $3.5 million.

• The pool provides comprehensive details on entry price, return, liquidation, and fees, ensuring the process is beginner-friendly.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.