The quoted tweet suggests Plasma launched with a $12 billion FDV, implying it would need to generate $176 million in annual revenue, potentially from ~$4 billion in USDT on its chain. However, Mike Dudas disputes this valuation methodology, indicating that applying traditional multiples like Tether's might not be appropriate for new token valuations. Investors should be cautious about direct comparisons and monitor how stablecoin balances and pricing evolve post-launch for Plasma and upcoming stablecoin chains from Circle and Stripe.