Plasma Launches Stablecoin-Native Neobank with Global Card Access

Plasma announced the launch of Plasma One, a stablecoin-native neobank and payment card designed to provide global access to dollar-denominated financial services. The platform allows users to spend directly from stablecoin balances while earning yields exceeding 10%, targeting markets where traditional banking infrastructure falls short .

The San Francisco-based blockchain company, which recently secured $24 million in funding led by Framework Ventures and Bitfinex, positions Plasma One as a comprehensive financial application for stablecoin users worldwide . The neobank offers virtual and physical cards accepted at over 150 million merchants across more than 150 countries, with users earning up to 4% cash back on purchases.

Plasma One addresses friction points in current stablecoin usage, particularly in emerging markets where users rely on generic crypto wallets or face difficulties converting between stablecoins and local currencies. The company cited examples of exporters in Istanbul's Grand Bazaar sourcing USDT weekly, Buenos Aires store owners paying staff in stablecoins, and Dubai commodity traders using digital dollars for cross-border transactions.

The platform's core features include zero-fee USDT transfers, instant virtual card issuance within minutes of signup, and integration with Plasma's broader DeFi ecosystem. Users can access yield-generating opportunities while maintaining spending flexibility through the integrated card system.

Plasma launched its mainnet beta on September 25, 2025, with over $2 billion in stablecoin liquidity from more than 100 DeFi integrations including Aave, Euler, and Ethena . The blockchain positions itself as the eighth-largest by total value locked, specifically optimized for stablecoin payments and transfers .

The company's strategy focuses on markets with high dollar demand, where local currencies face instability. Plasma executives emphasized their weekly engagement with merchants and businesses in target markets to refine the product based on real-world usage patterns.

Plasma One serves as both a consumer product and a testing ground for the company's broader payments infrastructure. The vertical integration approach allows Plasma to optimize its technology stack while providing external developers with proven infrastructure for building stablecoin applications.

The neobank rollout will occur in stages to enable rapid iteration and feature development. Access is currently managed through a waitlist system as the company scales to accommodate global demand.