Plasma blockchain to launch stablecoin-focused neobank

Bitfinex-backed Plasma blockchain project announced Plasma One on Monday, calling it the first neobank built natively for stablecoins amid a rush toward blockchain-based digital dollar products and services.

The project says Plasma One targets users who already rely on dollar-pegged assets but face clunky apps and poor cash-out options. At launch, the app bundles zero-fee USDT transfers within Plasma’s network, card spending with rewards, and onboarding that issues a virtual card in minutes, according to Plasma. Early access will be rolled out in stages, focusing on markets where dollar access is limited.

Plasma is positioning itself as a full-stack stablecoin platform. Stablecoin usage continues to rise, with total supply nearing new highs of $280 billion, The Block’s data dashboard shows. Proponents predict supportive regulation like the GENIUS ACT in the U.S. could boost the sector to over $2 trillion by 2028. But the front-end experience remains fractured, according to the Bitfinex-backed L1. “Infrastructure alone is not enough,” said Plasma’s Head of Product, Murat Firat, arguing that a vertically integrated product is needed to drive everyday usage.

The launch lands days before Plasma’s mainnet beta on Sept. 25. Previously, The Block reported that the project claims it will debut with about $2 billion in stablecoin liquidity and 100+ DeFi integrations on day one.

Plasma’s native token, XPL, is also slated to go live alongside the mainnet. In pre-markets this summer, XPL traded at implied fully diluted values from $4.5 billion to $7.6 billion, per prior reporting and market snapshots from venues like Hyperliquid.

In July, Plasma raised $50 million and notched $373 million in oversubscribed commitments during a 10-day sale earlier this year. It also partnered with Binance on a Plasma USDT “locked product” that filled quickly and later expanded to a $1 billion cap. The efforts were intended to seed stablecoin liquidity prior to launch.