Thiel-backed Plasma debuts stablecoin neobank with Visa card and XPL rewards
Peter Thiel-backed crypto banking startup Plasma has unveiled Plasma One, a stablecoin-focused neobank that mixes blockchain infrastructure, funds and shopper banking providers right into a single software.
The launch helped push $XPL up about 20%, however the asset continues to be roughly 94% under its all-time excessive set in September 2025, per CoinGecko.
Constructed on the Plasma Community, the corporate’s customized blockchain, Plasma One permits customers to deposit stablecoins or fiat currencies, ship cross-border transfers with out charges, earn yield on balances and spend funds utilizing a digital Visa card.
The corporate stated stablecoin adoption has been slowed by fragmented infrastructure that separates wallets, exchanges and cost providers. Plasma One goals to deal with that difficulty by combining blockchain rails, liquidity, funds and user-facing banking providers underneath one platform.
“Stablecoins is not going to change into a part of on a regular basis banking via one other app sitting on prime of another person’s rails. They want a product that brings your entire expertise collectively. That’s what Plasma One is constructed to do,” Plasma founder Paul Faecks commented on the launch.
Customers can entry cashback rewards via the platform’s $XPL token program, whereas higher-tier memberships embrace advantages resembling ChatGPT Go and Claude Professional subscriptions, in accordance with the workforce. Plasma stated card funds are supported in additional than 180 international locations.
“World stablecoin provide has roughly doubled within the final two years, however provide isn’t adoption. Adoption is when somebody can obtain Plasma One, onboard in minutes, and begin utilizing digital {dollars} with out occupied with blockchains, wallets, or banking rails – paying for lunch, sending cash globally in seconds, or incomes yield on financial savings,” Zaheer Ebtikar, Plasma’s chief technique officer at Plasma, stated.
Plasma stated the platform attracted 5,000 weekly energetic customers throughout its non-public beta and can proceed increasing its capabilities for shoppers and companies within the coming months.
Plasma closed a $373 million token sale final July with backing from Founders Fund, the enterprise agency based by Peter Thiel, Framework Ventures, Bitfinex, and different digital asset buyers.
The stablecoin infrastructure venture operates as a Bitcoin-based, EVM-compatible layer 1 targeted on enabling low-cost or fee-free stablecoin transactions, concentrating on competitors within the world stablecoin settlement market.
