Plasma launches Plasma One, stablecoin bank on its blockchain

Plasma, a London-based neobank backed by investor Peter Thiel and Bitfinex, announced Plasma One on June 17, 2026. The app runs on the company’s Layer 1 Plasma Network and consolidates sending, saving, earning and spending of USDT into a single mobile product.

Plasma Network is a purpose-built blockchain optimized for instant settlement and low-cost transfers. On-chain data from PaymentScan showed USDT transaction volume on the network rose 327% in May 2026.

Plasma One offers zero-fee USDT transfers inside the Plasma Network, yield opportunities above 10% drawn from activities within the Plasma ecosystem, peer-to-peer cash integrations for local conversion, and a Visa card issued by Rain with up to 4% cashback. Users can complete identity verification through Sumsub and receive a virtual card within minutes. Account infrastructure operates across multiple legal entities through Bridge.

Access will roll out in stages, beginning in the Middle East. Plasma cited high regional stablecoin use and cross-border capital flows as reasons for the initial focus. Early access is reserved for holders of XPL, Plasma’s native token. The company is using a three-tier membership model tied to XPL; users who join in the first seven days receive the Core tier free for the first year, an offer Plasma values at more than $1,000.

Plasma describes itself as a financial technology company rather than a regulated bank. Its terms of service state that stablecoin balances are not bank deposits and are not insured by the FDIC or equivalent bodies. The primary onboarding flow excludes U.S. residents.

Plasma says USDT is the platform’s primary asset at launch and notes commercial links with Bitfinex and Tether. The company presented the combined blockchain, liquidity, payments, licensing and consumer distribution as the underlying architecture for Plasma One.

Plasma’s chief executive, Paul Faecks, described the product’s purpose as reducing frictions between stablecoin wallets, exchanges and cash off-ramps and said, “The dollar is the product, and most of the world is desperate to access it.”