Crypto Assets Management - Mereau Finance
Company registered as a PSAN with the AMF under number E2023-084
RCS Nanterre: 894 424 902
Address: 35 rue Jean Jaurès, 92800 Puteaux, France
Date: 06/26/25

PORTFOLIO MANAGEMENT UNDER MANDATE

OUR VISION

We are committed to supporting you in your investment in digital assets over the long term. In this volatile and risky asset class, a calm and sustainable approach is essential.

«Digital assets are to the transfer and storage of value what the Internet was to the transfer and storage of information.»

OUR STRATEGY IS BASED ON TWO PILLARS

OUR INVESTMENT PHILOSOPHY

Our investment approach is based on identifying high-efficiency projects with solid fundamentals. We carefully analyze their tokenomics to spot any market anomalies. Our selection focuses on projects in the top 200 by capitalization, with a medium-to-long-term vision, covering various sectors of the crypto ecosystem.

PLASMA - Research report

Plasma: the new chain that redefines stablecoin payments

Why have we decided to talk about it?

Plasma has established itself as one of the most scrutinized blockchain projects of 2025, after raising $1 billion in record time. Initially, 10 % of the XPL token offering was put up for sale on Sonar, Echo's new platform dedicated to the public raising of early-stage projects. Within minutes, $500 million had been raised.

But it was what followed that surprised: a second sale at 500M$ was discreetly opened a few hours later, and it too was quickly saturated. This double success confirms the massive interest shown by investors in a project still in the deployment phase, but already backed by heavyweights such as Bitfinex, hiFramework and Founders Fund. Also of note: Plasma is regarded as the “blockchain of Tether”, the stablecoin giant, further reinforcing its strategic status in the ecosystem.

What is Plasma?

Plasma is a high-performance blockchain designed specifically for stablecoin payments. While general-purpose blockchains sometimes struggle to handle the needs of stablecoins (congestion, high fees, lack of fast finality), Plasma is designed from the outset to meet these constraints. The project aims to become the reference infrastructure for stablecoin transfers, with technical features aligned with this objective.

Under the hood, Plasma relies on :

• PlasmaBFT, a consensus protocol inspired by HotStuff, optimized for fast completion and low latency.
• Reth, an EVM-compatible Rust runtime for deploying Ethereum contracts without modifications.
• A native Bitcoin Bridge, ensuring synchronization with the Bitcoin chain while enabling payments denominated in BTC or USDT via «Custom Gas Tokens».

With a team drawn from Microsoft, Apple, Goldman Sachs, and research institutions such as Imperial College and Los Alamos Lab, Plasma combines technical innovation, institutional networking and ambitious execution.

Infrastructure designed for the stablecoin era

The context: a colossal market in transformation

Stablecoins, i.e. digital currencies indexed to a fiat currency (usually the dollar), have established themselves as one of the most fundamental use cases for crypto. They combine stability of value, 24/7 availability and programmability, making them ideal instruments for payments, settlements and financial transactions, without depending on the traditional banking system.

With a capitalization of over $225 billion, stablecoins already represent 1.08 % of the M2 money supply in USD, a figure set to rise sharply with the evolution of regulatory frameworks and institutional adoption.

Initially used for crypto/crypto trading, stablecoins have established themselves as settlement and yield-generating instruments. Two blockchains now concentrate most of the activity:

Tron (~63 billion $): optimized for settlement, but ultra-centralized

Despite their massive adoption, neither Ethereum nor Tron were designed with stablecoins in mind. These chains have structural limitations: fees, slowness, lack of fast finality or native functions dedicated to stablecoin issuance and management.

This situation creates a strategic vacuum. While stablecoins are evolving towards large-scale use (international transfers, payroll, commercial settlements), no truly dedicated infrastructure has yet emerged to support their adoption on a global scale.

Against this backdrop, the demand for a specialized blockchain capable of meeting the specific technical constraints of stablecoins is becoming increasingly obvious.

This is precisely the positioning Plasma aims to capture.

Plasma's proposal

Plasma is a next-generation blockchain, designed natively for stablecoins. Where Ethereum and Tron were diverted from their original purpose to accommodate this market, Plasma is specially architected to maximize its potential: low-cost payments, yield, institutional integrations, and high-frequency settlements.

Plasma is based on a technical stack optimized right from the start:

• PlasmaBFT ConsensusHotStuff: a protocol derived from HotStuff, offering fast finality, low latency and resilience, designed for frequent and critical value transfers such as stablecoins.
• Reth execution engine: full compatibility with Ethereum (EVM), while introducing performance optimizations in Rust.
• Native Bitcoin bridgePlasma maintains direct synchronization with Bitcoin, enabling hybrid use cases such as fee payment in BTC or security anchoring.

Unlike conventional L1s, Plasma introduces product-oriented features to make stablecoin use smooth and native:

• Custom Gas TokensThe new tokenization system: users can pay fees in USDT, BTC or other popular assets, eliminating the need to buy a native token to interact with the network.
• Fast finish and low costThe "I.T." system: indispensable for use in payments, transfers, settlements and financial automation.
• Native interoperability with BitcoinBTC: reinforcing the network's legitimacy and usefulness for institutions already positioned on BTC or USDT.

Plasma isn't just targeting crypto users. The aim is to appeal to stablecoin issuers, fintechs, banks-as-a-service, and on-chain financial infrastructures. The technical architecture is designed to support these integrations: fiat ramps, settlement APIs, integration with corporate treasury systems, and compatibility with the tools of finance professionals.

This strategy is supported by a unique positioning in the ecosystem: Plasma is considered “Tether's chain”, i.e. the infrastructure most aligned with the interests of the world's most dominant stablecoin issuer. Even if the team remains cautious in its communication, the strategic proximity with Tether and Bitfinex, combined with the fundraising carried out via Sonar (Echo's platform), reinforces this perception.

If Plasma succeeds in establishing itself as the base layer for stablecoin transfers, it could catalyze a range of dynamics:

• Standardization of inter-chain payments in USDT,
• Deployment of new, ultra-optimized DeFi primitives for stablecoins,
• Integration with fintechs seeking performance and regulation,
• And above all, a massive reduction in adoption friction for end-users.

With its clear focus on stablecoins, Plasma is positioning itself as a particularly promising infrastructure. It could capitalize on the massive adoption of stablecoins currently underway, and establish itself as a benchmark for both crypto-native players and fintechs and companies wishing to integrate stablecoins into their ecosystems.

CONCLUSION

We see Plasma as one of the most promising initiatives in the construction of an infrastructure dedicated to stablecoins. By focusing exclusively on this use case (payments, settlements and returns), Plasma provides a targeted response to the structural limitations of generalist blockchains such as Ethereum or Tron.

With its robust architecture (PlasmaBFT, Reth, native Bitcoin bridge) and product-oriented features (Custom Gas Tokens, EVM compatibility, fast finality), Plasma is already positioned as a credible technical solution to support the rise of stablecoins. Its strategic alignment with Tether and the institutional interest it is attracting reinforce its legitimacy.

However, there are still a number of issues to be addressed. The economics of the $XPL token will need to demonstrate its ability to create genuine alignment with network users. Similarly, the concentration of sales via Sonar and the uncertainty surrounding future governance deserve particular attention.

Despite these factors, we see $XPL as a high-potential asset (provided tokenomics follow suit), at the heart of a fast-growing market. Plasma could become a key part of tomorrow's tokenized financial infrastructure.

If you wish to download the report in PDF :

A word from the author :
Mine is LittleGhost. I spend my days studying DeFi, reading governance proposals, and trying to figure out how to build something truly sustainable in this fast-moving ecosystem.
If you wish to continue to follow my work :
📺 YouTube: LittleGhost
🐦 Twitter/X : @0xLittleGhost

Thank you very much for taking the time to read this report, and see you soon for further analyses.

Our service

At Crypto Assets Management, we offer discretionary management of digital asset portfolios, customized to your profile. Our strategy is based on analysis and management of Bitcoin cycles (historically 4 years)with a focus on long termmonthly arbitrages, and with a particular focus on tokenomics.
 

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We are registered registered with the AMF for the business of buying/selling digital assets for legal tender and exchanging digital assets for other digital assets under number : E2023-084.

- Warning -

This letter does not constitute investment advice.

You alone are responsible for your investment decisions.

Investing in digital assets involves a risk of partial or total capital loss.