The blockchain primarily targets Tether (USDT), which is the largest dollar-pegged stablecoin, boasting a market cap of $144 billion and representing over 60% of the stablecoin market.

Prominent supporters of Plasma include Tether's CEO Paolo Ardoino and Split Capital's Zaheer Ebtikar, in addition to Peter Thiel.

The platform also includes a Bitcoin bridge that connects decentralized validators to the Bitcoin blockchain, facilitating interoperability between Ethereum applications and Bitcoin.

Plasma, a crypto start-up backed by notable investors including Peter Thiel, has launched a blockchain specifically designed for rapid global stablecoin transfers utilizing a 'HotStuff-inspired' consensus mechanism.

This HotStuff consensus mechanism provides Byzantine Fault Tolerance, allowing the system to reach consensus even when some nodes are faulty, which enhances efficiency and reduces transaction confirmation delays.

The protocol, known as PlasmaBFT, is optimized for fast finality and low latency, making it particularly suitable for high-frequency stablecoin transactions.

Additional features of the platform include custom gas tokens for fee payments in USDT or BTC, zero-charge USDT transfers, and confidential transactions, all while ensuring compliance with regulatory standards.

To bolster security, Plasma anchors state updates on Bitcoin, providing a reliable settlement layer that enhances censorship resistance.

As a Bitcoin sidechain, Plasma is fully compatible with Ethereum Virtual Machines (EVM), enabling it to execute Ethereum smart contracts.