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Plasma Launches Plasma One, a New Stablecoin-Native Neobank

TL;DR

• Plasma launched Plasma One, a stablecoin neobank that integrates savings, payments, transfers, and yields for emerging markets.
• The service offers instant registration, a virtual card, free USDT transfers, annual yields above 10%, and up to 4% cashback on purchases.
• The mainnet beta will debut on September 25 with the $XPL token and $2.0B in liquidity deployed across more than 100 DeFi protocols, alongside the omnichain version USDT0.

Plasma introduced Plasma One, a stablecoin-native neobank designed to provide direct and frictionless access to digital dollars.

The app integrates savings, payments, transfers, and yield generation into a single product, aiming to meet the growing demand for dollars in emerging markets such as Istanbul, Buenos Aires, and Dubai.

Users can register, verify their account, and get a virtual card in minutes, in addition to accessing physical cards for in-store spending. The service includes free USDT transfers, annual yields above 10%, and up to 4% cashback on purchases.

The initiative seeks to solve one of the biggest problems in the stablecoin ecosystem: inefficient distribution. Millions of people rely on centralized platforms and untrustworthy intermediaries to access dollars, while local systems fail to provide practical solutions.

Plasma argues that the dollar is the core product that millions of people need, and that access should be as simple as downloading an app. The company positions itself as its own first customer, using Plasma One to test and scale its infrastructure before offering it to institutions and external wallets.

Plasma Prepares an Omnichain Version of Tether

The launch coincides with the mainnet beta and the introduction of its native token $XPL on September 25. The network will debut with $2 billion in stablecoin liquidity deployed across more than 100 DeFi protocols, including Aave, Ethena, Fluid, and Euler. The company also announced USDT0, an omnichain version of Tether that will allow bridging deposits to Plasma and fee-free transfers, first within its own products and later in a broader environment.

Plasma One combines fiat on-ramps, foreign exchange, card networks, and banks into a single operational flow. This integration seeks to eliminate the fragmentation that currently forces users to depend on multiple services to manage their digital dollars.

The goal is for anyone to access dollars, earn interest, pay in stores, and send money without barriers, directly from a mobile phone. Backed by Peter Thiel and Bitfinex, the company states that its model will enable the creation of the most efficient rails for global finance, with a product designed for millions of users who need a stable and secure alternative