Plasma launches stablecoin neobank with 4% cashback
Plasma announced Plasma One, a neobank that allows users to spend USDT directly from their balances while earning yields and cashback. The service launches after Plasma's mainnet beta goes live at 8:00 a.m. ET on September 25.
Plasma One offers both virtual and physical cards that work at over 150 million merchants across more than 150 countries. Users can transfer USDT within the app at zero cost on Plasma's network routes. The company advertises yields above 10% on stablecoin balances and up to 4% cashback on card purchases.
The neobank targets markets with high demand for dollar-pegged assets but limited local cash-out options. Account holders receive a virtual card within minutes of signing up. A waitlist is currently open on Plasma's website.
"Stablecoins provide a fundamental, permissionless way to hold and move dollars anywhere," Plasma CEO Paul Faecks said in a release. "Plasma One is our answer to the distribution problem, as it puts us directly in the hands of people who face financial exclusion."
Plasma operates as a stablecoin-focused layer-1 blockchain. The company raised $24 million across seed and Series A funding rounds earlier this year and generated significant pre-deposit interest ahead of its XPL token launch plans.
During the network's initial rollout and stress-testing phase, zero-fee transfers will only work between Plasma's own products. The company notes that Plasma One is not a regulated bank and that rewards and interest rates may change.
The launch occurs as stablecoin adoption expands across the cryptocurrency industry. PayPal Ventures recently backed the Bitfinex-linked Stable chain to bring PYUSD onto that network, part of broader industry efforts to increase stablecoin usage.
Plasma describes its blockchain as optimized specifically for stablecoin payments, differentiating it from general-purpose networks. The September 25 mainnet beta represents the network's first live deployment after its testing phases.
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