Plasma, a new blockchain built only for stablecoins, has hired three new senior leaders as it prepares for its mainnet launch.
According to the announcement on X, the company has brought in Murat Firat as head of product, Adam Jacobs as head of global payments, and Usmann Khan as head of protocol security.
The appointments came shortly after the startup raised $373 million in a large token sale. The project is backed by well-known investor Peter Thiel, adding to its credibility in the industry.
Plasma has not shared the date for its mainnet launch, but the network is being designed with special features for stablecoins. Public documents show it will process over 1,000 transactions per second, and offer confidential transactions. It also allows custom gas tokens, and enables zero-fee transfers for USDT.
The zero-fee transfers are possible through an in-protocol paymaster, which means people using Plasma will not need to hold its native token to send stablecoins.
The company has close ties with Tether, the issuer of USDT. Tether’s chief executive, Paolo Ardoino, is listed on the company’s cap table, while Bitfinex, where Ardoino serve as chief technology officer, led Plasma’s seed and Series A funding rounds. Other investors include USDT0 and Framework Ventures.
“We will work closely with Tether to ensure Plasma becomes a key distribution channel for the most liquid and dominant stablecoin,” Plasma founder and CEO Paul Faecks said.
Moveover, the new executives bring different experience to the project. Firat previously founded BiLira, a Turkish crypto exchange and Lira-pegged stablecoin issuer. Jacobs worked as global head of payments at FTX and later joined Canadian fintech firm Nuvei, while Khan, recognized as a top security researcher on bug-bounty platform ImmuneFi, will oversee protocol security.
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