Framework Ventures recently led a 20 million USD Series A funding round for Plasma, bringing total funds raised by the firm to 24 million USD.

Plasma is developing a blockchain dedicated to Tether’s USD-pegged stablecoin, USDT, which will allow users to make fee-free transfers on an EVM-compatible Bitcoin sidechain.

Currently, USDT holds a market capitalization of 142.42 billion USD, making it the leading USD-pegged stablecoin globally and the third largest cryptocurrency overall.