Plasma Launches with $2B TVL, $8B FDV

Naver to Absorb Upbit in Stock Swap Deal | Cloudflare Launches NET Dollar Stablecoin

Marco Manoppo & Karon Pangestu
September 26, 2025

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Good Morning.

Plasma’s $2B TVL launch with a $12B FDV shows how much capital is chasing stablecoin blockchains, though staying power is still unproven. At the same time, Cloudflare’s NET Dollar highlights how stablecoins are moving beyond DeFi to become core to the Internet’s next business model.

In Today's Email:

What Matters: Plasma Launches with $2B TVL, $12B FDV 📈
Founders Highlight: Ash Egan of Archetype 👨
Deal Flows: Naver to Absorb Upbit in Stock Swap Deal 🤝

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Narratives: Internet Money Rails

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TOGETHER WITH

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0G Labs has launched its $0G airdrop. The OGs of 0G can now claim their tokens and be part of the largest AI L1 from Day 1.

This isn’t just another drop. It’s a thank-you to the builders, believers, and early community who helped shape the foundation of decentralized AI.

WHAT MATTERS

Plasma Launches with $2B TVL, $12B FDV

Source: Coinmarketcap

State of play: Plasma, a stablecoin-focused Layer 1, has launched its mainnet beta with more than $2B in stablecoin TVL and the native XPL token debuting at an $12B FDV.

Built with PlasmaBFT consensus and EVM compatibility, the network enables zero-fee USDT transfers and over 100 DeFi integrations at launch.
The rollout was backed by massive demand, a June deposit campaign hit $1B in 30 minutes, a $50M public sale was oversubscribed by $323M, and a Binance Earn Plasma USDT product reached a $1B cap.
Plasma also unveiled Plasma One, a stablecoin-native app for saving, spending, and sending digital dollars, set to launch later this year.

Why it matters: Plasma launches with $2B stablecoin TVL and a $12B FDV, signaling one of the biggest Layer 1 debuts.

Our take: The liquidity and valuation give Plasma immediate credibility, but $12B FDV sets a high bar. Zero-fee USDT transfers attract users, yet long-term success hinges on converting incentives into organic usage and proving a sustainable business model.

For builders and investors: Plasma offers deep liquidity and immediate DeFi integrations, creating a strong launchpad for new applications. Can Plasma sustain the $12B valuation beyond early incentives?

BUILDER-INVESTOR HIGHLIGHT

Ash Egan of Archetype

Intro: Ash Egan is the Founder and General Partner of Archetype, an early-stage venture fund focused on accelerating the programmable future.

Ash has been leading investments in seed-stage crypto companies and protocols since 2015, having led early investments in Chainalysis, Mina, Near, and Balancer.

Previous background: Before founding Archetype, Ash was a Partner at Accomplice leading the firm’s blockchain/crypto practice. He also previously co-launched the venture arm of Consensys and spent time at Converge VC in Boston.

The big idea: Ash thorugh Archetype is aiming to back the next generation of crypto founders who are disrupting the status quo, creating entirely new markets, and dedicating themselves maniacally to their craft.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

INSIGHTS

Cloudflare Launches NET Dollar Stablecoin

Cloudflare announced NET Dollar, a US dollar–backed stablecoin designed for the AI-driven Internet. NET Dollar aims to power instant, secure, and global transactions for autonomous agents, creators, and developers.

It introduces a new business model for the web based on microtransactions, pay-per-use, and fractional payments, moving beyond ads and bank transfers.
Cloudflare says this will reward originality, sustain creativity, and modernize financial rails for the “agentic web.”
NET Dollar will also support open standards like the Agent Payments Protocol and x402.

DEAL FLOWS

Naver to Absorb Upbit in Stock Swap Deal

Deal flows slowed down this week - we saw $210M+ in deals 💼

South Korea’s largest crypto exchange, Upbit, is set to come under internet giant Naver through a stock swap between Naver Financial and Upbit’s parent Dunamu, according to local reports.

The move would make Dunamu a wholly owned subsidiary of Naver Financial while both firms remain legally intact.
The reported deal comes as South Korea pushes for clear crypto regulations, including a framework for a won-pegged stablecoin.
The merger could help Naver integrate Upbit’s crypto infrastructure into its financial services.

Deal flows in the past week:

RockSolid, $2.8M Pre-Seed Round.
Melee, $3.5M Pre-Seed Round
Akio, $5M Seed Round
Belfort, $6M Seed Round
Divine, $6.6M Seed Round
BULK, $8M Seed Round
SegaSwap, $10M Seed Round
Zerohash, $104M Series D Round
RedotPay, $47M Strategic Round
Bastion, $14.6M Strategic Round
Lab, $1.5M Public Token Sale
Hana Network, $3M Public Token Sale

QUICK BITES

SEC Chair responds to crypto conflicts of interest.
Cloudflare plans to launch stablecoin called NET Dollar.
Upbit to merge under internet giant Naver via stock swap.
Plasma goes live introducing XPL token and DeFi integrations.
SharpLink to tokenize SBET stock on Ethereum via Superstate.
Cipher signs $3B Google-backed AI hosting deal over ten years.
CleanSpark secures another $100M credit facility to fund growth.
RedotPay reaches unicorn status following $47M investment round.
Australia drafts proposal to require financial licenses for crypto platforms.
Vitalik Buterin says Fusaka upgrade's PeerDAS is key to Ethereum scaling.
KuCoin appeals $14M penalty from Canadian regulator over AML violations.
SEC, FINRA probe suspicious trades before crypto treasury announcements.

NOTEWORTHY READS & MEME

Delphi Digital’s read on Plasma Foundation
Ignas’s read on The Changing Crypto Order
Kairos Research’s read on Jito: Capturing the Economics of Solana at Scale

theyre dropping an altruist hyperliquid
— hersch (@tittyrespecter)
12:41 AM • Sep 24, 2025

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