TLDR
- Plasma is launching Plasma One, a stablecoin-focused neobank, after its blockchain reaches mainnet later this month.
- The neobank will offer 4% cash back on spending and over 10% yield on stablecoin balances without a lockup period.
- Plasma One will allow users to load their cards with stablecoins like USDT and make payments through the Plasma blockchain.
- The platform promises zero fees on USDT transfers and international coverage for users making global transactions.
- Plasma has raised $24 million in seed and Series A funding, with advisors including Tether CEO Paolo Ardoino and PayPal co-founder Peter Thiel.
Plasma, a blockchain company known for stablecoin innovations, is preparing to launch Plasma One, a neobank. Plasma One will debut after the company’s stablecoin blockchain hits mainnet later this month. The neobank promises 4% cash back on spending, over 10% yield on balances, and international coverage.
Plasma One to Launch with USDT Support
Plasma One will allow users to load their cards with various stablecoins, starting with USDT. The card will support both physical and virtual cards for easy transactions. Payments will be processed through the Plasma blockchain, ensuring efficiency and speed.
According to Paul Faecks, CEO of Plasma,
“Stablecoins provide a fundamental, permissionless way to hold and move dollars anywhere.”
He added that Plasma One aims to bring financial inclusion by offering permissionless access to digital dollars. This solution is targeted at people who face exclusion from traditional banking systems.
The stablecoin blockchain behind Plasma One is set for its mainnet beta launch on September 25. This is a crucial step for the project, marking its transition from development to operational stage. Following this, Plasma will roll out its neobank in multiple phases, gradually expanding its user base.
Neobank Offers Zero Fees and High Yield
Plasma One offers compelling features, including zero fees on USDT transfers. Plasma also promises over 10% yield on stablecoin balances, with no lockup period required. The yield will come from Plasma’s DeFi ecosystem, which is designed to maximize returns for users.
For comparison, Plasma currently offers a 2% yield on USDT holdings through Binance. This new yield offering is significantly higher, which could attract more users. Plasma’s approach to yield generation aims to set it apart in a competitive space.
In addition to the yield and fee structure, Plasma One users will benefit from seamless global transactions. The card will be usable anywhere, with Plasma’s blockchain acting as the payment rail. This international coverage is designed to make Plasma One a versatile financial tool for users worldwide.
Plasma’s stablecoin-focused neobank, Plasma One, has already created significant interest. It raised $24 million in seed and Series A funding rounds earlier this year. Notable supporters include Tether CEO Paolo Ardoino and PayPal co-founder Peter Thiel, who also serve as advisors to the project.
