Plasma, an L1 designed for stablecoin payments, announced the launch of Plasma One on Monday.
Marketed as the first stablecoin-native neobank, Plasma One integrates spending, saving, and earning in digital dollars into a single platform. The launch targets users in emerging markets where dollar access is in high demand, offering features such as stablecoin-backed cards, fee-free USDT transfers, and rapid onboarding.
While hundreds of millions already use stablecoins for necessity rather than speculation, adoption has been hampered by fragmented interfaces, reliance on centralized exchanges, and poor localization. Plasma One aims to address these barriers with localized teams, peer-to-peer cash integrations, and borderless card services available in over 150 countries.
“The dollar is the product, and most of the world is desperate to access it. Stablecoins provide a fundamental, permissionless way to hold and move dollars anywhere,” said CEO Paul Faecks. “Plasma One is our answer to the distribution problem as it puts us directly in the hands of people who face financial exclusion.”
The service also includes up to 10%+ yields on balances and 4% cash back on purchases, positioning it as a vertically integrated offering across infrastructure, tooling, and consumer applications. Plasma will serve as its own first customer to test and scale its payments stack ahead of its mainnet beta launch on Sept. 25.
This is a developing story.
This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.
Get the news in your inbox. Explore Blockworks newsletters:
Source: https://blockworks.co/news/plasma-one-stablecoin-neobank
