Peter Thiel-backed crypto banking startup Plasma has unveiled Plasma One, a stablecoin-focused neobank that combines blockchain infrastructure, payments and consumer banking services in a single application.
The launch helped push $XPL up about 20%, but the asset is still about 94% below its all-time high in September 2025, according to CoinGecko.
Built on the Plasma Network, the company’s custom-built blockchain, Plasma One allows users to deposit stablecoins or fiat currencies, send cross-border transfers without fees, earn returns on balances, and spend money using a digital Visa card.
The company said stablecoin adoption has been slowed by fragmented infrastructure that separates wallets, exchanges and payment services. Plasma One aims to tackle that problem by combining blockchain rails, liquidity, payments and user-facing banking services under one platform.
“Stablecoins are not going to become part of everyday banking through another app that sits on top of someone else’s rails. They need a product that brings the whole experience together. That’s what Plasma One is built for,” said Plasma founder Paul Faecks about the launch.
Users can access cashback rewards through the platform $XPL token program, while higher-level memberships include benefits such as ChatGPT Go and Claude Pro subscriptions, the team said. Plasma said card payments are supported in more than 180 countries.
“The global supply of stablecoins has roughly doubled in the last two years, but the supply is not adoption. Adoption is when someone can download Plasma One in minutes and start using digital dollars without thinking about blockchains, wallets, or bank rails – paying for lunch, sending money globally in seconds, or getting returns on savings,” said Zaheer Ebtikar, Chief Strategy Officer of Plasma at Plasma.
Plasma said the platform attracted 5,000 weekly active users during its private beta and will continue to expand its capabilities for consumers and businesses in the coming months.
Plasma closed a $373 million token sale last July with backing from Founders Fund, the venture capital firm founded by Peter Thiel, Framework Ventures, Bitfinex and other digital asset investors.
The stablecoin infrastructure project functions as a Bitcoin-based, EVM-compatible layer 1, aimed at enabling low-cost or free stablecoin transactions, aiming to compete in the global stablecoin settlement market.