Nikolas Sargeant
Plasma has unveiled its stablecoin-focused neobank dubbed Plasma One less than a week before its mainnet and XPL token launched, marking a significant milestone in the convergence of traditional banking and blockchain technology. The Layer 1 stablecoin-focused blockchain network backed by American billionaire Peter Thiel and Tether sister company Bitfinex is positioning itself as a bridge between traditional finance and the digital asset ecosystem.
Plasma One promises to offer 4% cash back on spending, an over 10% yield on balances, and international coverage across more than 150 countries. Marketed as the first stablecoin-native neobank, Plasma One integrates spending, saving, and earning in digital dollars into a single platform, effectively functioning like a traditional bank but built entirely on stablecoins, specifically USDT.
The launch targets users in emerging markets where dollar access remains challenging, addressing a critical gap in global financial services. Users of Plasma One will be able to load their accounts with stablecoins and access both physical and virtual cards for everyday transactions, combining the stability of dollar-denominated assets with the efficiency of blockchain technology.
The rollout comes ahead of Plasma's mainnet beta launch on September 25, which will feature zero-fee USDT transfers and is projected to launch with over $2 billion in stablecoin total value locked (TVL) and more than 100 DeFi integrations. This strategic timing positions Plasma One to capitalize on the growing stablecoin adoption and the increasing demand for blockchain-based financial services in underserved markets.
