Plasma Launches Stablecoin Banking App Plasma One

London-based fintech startup Plasma has launched Plasma One, a financial product designed to make stablecoins usable for everyday spending, sending and earning.

The app brings together wallet, exchange and payment functionality into a single platform, allowing users to transact with stablecoins from one account with zero fees.

Plasma is positioning itself as part of a wave of London-originated fintechs – following Revolut, Wise and Monzo – but with a different underlying thesis: that consumer banking will shift to stablecoin rails rather than legacy banking infrastructure.

The Problem Plasma Is Targeting

Stablecoin adoption has long been hampered by a fragmented ecosystem and poor user experience. Wallets, exchanges and off-ramps have typically existed as separate products, creating friction and cost for users attempting to move between digital dollars and daily financial activity.

Plasma One attempts to consolidate that experience into a single app, removing the need to navigate multiple platforms to complete basic financial tasks.

Paul Faecks, Founder and Chief Executive Officer at Plasma, described the rationale behind the product.

“Stablecoins will not become part of everyday banking through another app sitting on top of someone else’s rails. They need a product that brings the entire experience together. That’s what Plasma One is built to do.”

“By combining the network, payments stack and user experience into a single platform, Plasma One makes it possible to spend, send, save and earn with digital dollars as reliably as people use money today,” Faecks added.

Infrastructure

Plasma One runs on the Plasma Network, the company’s own blockchain, designed to move stablecoins at scale. By controlling the infrastructure underneath the product, Plasma is building what it describes as a vertically integrated financial stack for stablecoins, covering blockchain infrastructure, liquidity, payments, licensing and consumer distribution.

The decision to build a proprietary blockchain rather than rely on existing networks reflects the company’s view that owning the full technology stack is necessary to deliver the speed, reliability and cost structure required for consumer-grade financial services.

Feature Set

From launch, Plasma One includes several core capabilities that mirror what users would expect from a modern neobank.

Users can deposit stablecoins directly from an existing wallet or fund accounts in USD, EUR, GBP, MXN and BRL through dedicated virtual accounts connected to local payment rails including SEPA, Faster Payments and ACH.

For spending, users receive a Plasma One Visa card accepted across more than 180 countries. The card offers up to 4 per cent cashback on qualified purchases.

Plasma One also includes AI-related benefits across its tiers. The Core tier provides 5 per cent cashback on eligible AI spend along with a year of ChatGPT Go, while the Platinum tier offers 10 per cent cashback on eligible AI spend plus annual subscriptions to both ChatGPT Go and Claude Pro.

Cross-border transfers are settled on the Plasma Network, with the company offering unlimited free transfers completed in seconds. Users can also put idle balances to work through access to on-chain yields.

Supply Versus Adoption

Zaheer Ebtikar, Chief Strategy Officer at Plasma, pointed to the gap between stablecoin supply growth and real-world usage.

“Global stablecoin supply has roughly doubled in the last two years, but supply isn’t adoption,” Ebtikar explained. “Adoption is when stablecoins become simple enough for anyone to use every day.”

“With Plasma One, users can onboard in minutes, add digital dollars, spend with a card, send money globally and put balances to work from one product,” he continued. “We are taking the efficiency of blockchain technology and combining it with the familiarity of money, creating an experience that feels faster, more global and more useful than traditional finance.”

Ebtikar argued that this level of usability is what stablecoins need to reach a broad consumer base.

Early Traction And Roadmap

Plasma One’s private beta has accumulated 5,000 weekly active users. The company plans to add new capabilities for both consumers and businesses over the coming months as it builds out the infrastructure to support stablecoin banking at scale.

Plasma describes itself as a financial technology company rather than a regulated financial institution, bank, money services business or investment advisor. The company does not custody user assets. Stablecoin assets held in Plasma One accounts are owned and custodied by the users themselves.

The company has also noted that the value of any cryptocurrency, including stablecoin assets pegged to fiat currency or commodities, may go to zero, and that stablecoin balances are not equivalent to bank deposits.

Last Updated on June 20, 2026 by Nick Ross