PANews reported on May 27 that, according to The Block, Echo, founded by well-known crypto investor Cobie (Jordan Fish), officially launched the IC0 platform Sonar, and the first fundraising project was Plasma, a dedicated chain for stablecoins. Plasma will sell 10% of its total XPL token supply, or 1 billion tokens, through Sonar, with the goal of raising $50 million, corresponding to a fully diluted valuation of $500 million. Users need to deposit USDT, USDC or USDS into the Ethereum Plasma vault to participate, and the lock-up period is set to 40 days or 12 months depending on the region. The Plasma mainnet is expected to go live this summer, and XPL will be used for network consensus, EVM execution, and Bitcoin cross-chain bridge operation.