Plasma
London, GB Β· 6 known investors
Plasma builds stablecoin-based financial products for consumers and businesses, centered on a global dollar account for holding, moving, earning, and spending money. It aims to operate as a global financial network for internet-native, programmable money.
Also known as Plasma One
Investors Β· 6
Also in the syndicate Β· 1
Funding
SEC filings, press & company announcements- Undisclosed amountfirst funding roundFeb 2025
Framework (lead), Framework Ventures (lead), Bitfinex
Source β
Source: company announcements and press reports β follow each round's link for the claim.
Company profile
researched Aug 2026Plasma operates a consumer stablecoin account and card product called Plasma One, which lets users hold balances in dollars, deposit stablecoins, send transfers across borders, and spend through a virtual or physical Visa card that can be added to Apple Pay or Google Pay. Users can add local currency and hold the balance in dollars, and withdraw locally or to a bank or wallet via in-app off-ramps whose availability depends on the user's region. Balances deposited into an Earn vault accrue yield sourced from opportunities in the Plasma onchain ecosystem, and qualifying card purchases earn cashback paid in XPL.
Plasma One runs on the Plasma network, a purpose-built blockchain the company describes as designed for fast, low-cost stablecoin payments at global scale. Press coverage describes Plasma as a blockchain startup whose Layer 1 can process over 1,000 transactions per second with sub-second block times, and whose broader ecosystem spans the chain, payment rails, and developer tools; the company has said the consumer neobank acts as its own first customer, letting it refine the payment stack before opening it to external developers, wallets, banks, and fintech apps.
Plasma states it is a financial technology company rather than a regulated financial institution, bank, money services business, or investment advisor. Global account services for Plasma One are powered by Bridge, with Bridge Building Inc. serving US residents, Bridge Building Sp. z o.o. serving EEA residents, and Bridge Building Limited serving all other residents. The Plasma One card is issued by Rain, a Visa Principal Member, under license from Visa. Plasma says it does not custody user assets; the stablecoin balance backing the card is owned and custodied by the user.
Business model
Plasma distributes a consumer stablecoin account and card, layered on infrastructure it also owns (the Plasma Layer 1 network and payment rails). The company states that Plasma One does not charge additional fees, though some transactions such as foreign exchange and bank withdrawals carry partner fees disclosed in-app before confirmation. Card tiers range from a free Lite tier to paid Core and Platinum tiers with higher cashback rates and added benefits. The company also positions its infrastructure for eventual use by external developers, wallets, banks, and fintech applications.
Plasma states that Plasma One charges no additional fees of its own; certain transactions include partner fees. The card product is sold in tiers (Lite at $0 card cost, plus Core and Platinum tiers with additional benefits and cardholder costs).
Traction
Plasma One was announced on 22 September 2025 and the mainnet beta launched on 25 September 2025, with the company reporting more than $2.5 billion in stablecoin total value locked at launch. The company raised $373 million in an initial coin offering that was reported as seven-times oversubscribed. As of the current website, the Plasma One app is available on Android as well as iOS.
Latest developments
Plasma One became available on Android, with a promotional offer of the Core tier free for six months running to 21 July 2026. The card lineup spans Lite, Core, and Platinum tiers, with the higher tiers adding elevated cashback on AI spending, bundled AI subscriptions, and up to $600 per year in flight cashback.
βΈFull profile β market position, technology, go-to-market, geography, risks & controversies
Market position
Plasma positions itself as a stablecoin-native neobank combined with vertically integrated payments infrastructure, spanning a Layer 1 blockchain, payment rails, developer tooling, and a consumer application. Press coverage frames it as targeting populations in emerging markets that lack access to dollar accounts through traditional financial institutions.
Plasma controls the full stack from blockchain to consumer app, which it says enables end-to-end optimization and allows it to test its payment rails as its own first customer before opening them to external partners. The consumer product combines spending, saving, and sending in one account, with self-custody of the stablecoin balance backing the card, zero-fee cross-border stablecoin transfers, cashback paid in XPL, and yield on idle balances.
Technology
Plasma operates a purpose-built Layer 1 blockchain for stablecoin payments, reported as capable of more than 1,000 transactions per second with sub-second block times. The consumer application, Plasma One, runs on this network and includes in-app security controls such as instant card freezing and account locking. The company states Plasma One is regularly audited by independent security firms and is compliant with PCI DSS v4.0.1 Level 1 Service Provider (SAQ D) standards. Cashback rewards are paid in the XPL token, and yield is generated through the Plasma onchain ecosystem.
Go-to-market
Plasma launched Plasma One directly to consumers via a mobile app, with staged rollout of access to allow iteration while scaling. Distribution relies on card issuance through Rain under a Visa license and account services through Bridge, with acceptance anywhere Visa is accepted. Growth incentives include tiered cashback, referral rewards of 0.25%β1% depending on tier, promotional offers such as a free Core tier trial period, and bundled perks including AI subscriptions and flight cashback at higher tiers.
Consumers seeking dollar-denominated accounts, savings, and spending outside traditional banking access, including users in emerging markets. The company has cited use cases such as exporters in Istanbul holding digital dollars, merchants in Buenos Aires paying staff in stablecoins, and commodity traders in Dubai using stablecoins for cross-border transactions. Its infrastructure is also aimed at developers, wallets, banks, and fintech apps.
Geography
The Plasma One card is usable anywhere Visa is accepted, in over 180 countries per the company's website; press coverage at launch cited more than 150 million merchants across 150 countries. Account services are structured by region through Bridge entities covering the US, the EEA, and the rest of the world.
Risks & controversies
Plasma states it is not a regulated financial institution, bank, money services business, or investment advisor, and that it does not custody user assets; account and card services depend on third-party providers (Bridge and Rain). Advertised yields and cashback depend on onchain ecosystem returns and are paid in the XPL token, and off-ramp availability varies by region.
Compiled by commissioned research from 8 cited public sources β announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed β not independently audited.
Competitors Β· 8
by search overlap
Companies competing with Plasma for the same Google search keywords, organic and paid, via search-intersection analysis.
Timeline Β· 5
launches, deals, and filingsThe Plasma One Card is issued by Rain, a Visa Principal Member, pursuant to a license from Visa. Global account services for Plasma One are powered by Bridge, through Bridge Building Inc. (US), Bridge Building Sp. z o.o. (EEA) and Bridge Building Limited (other regions).
Plasma One became available on Android, alongside a promotion offering the Core tier free for six months through 21 July 2026.
Plasma launched the mainnet beta of its Layer 1 blockchain, reporting more than $2.5 billion in stablecoin total value locked at launch.
Plasma announced Plasma One, a stablecoin-native neobank app integrating saving, spending and sending, offering up to 4% cash back with physical or virtual cards and yields the company described as exceeding 10%.
Plasma raised $373 million in an initial coin offering that press coverage described as seven-times oversubscribed.
$373M source β
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
Legal entities Β· 1
corporate structureCompanies House Β· registry record
View on Companies House β- Registered name
- PLASMA LIMITED
- Company number
- 11075822
- Status
- Dissolved
- Company type
- Private limited company
- Incorporated
- 22 Nov 2017
- Dissolved
- 26 Oct 2021
- Registered office
- 15 Clover Court, Calverley, Pudsey, LS28 5SY
- Nature of business (SIC)
- 62020 β Information technology consultancy activities
- Accounts
- last made up to 30 Nov 2020
Current officers
- Glen Weir β director, appointed 22 Nov 2017
Source: Companies House public register Β· retrieved 9 Aug 2026. Contains public sector information licensed under the Open Government Licence v3.0.
In the news
βΈResearch sources Β· 8
primary sources listed
- Plasmaplasma.org Β· web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Plasma do?
- Plasma offers a stablecoin-based dollar account and Visa card, built on its own payments-focused Layer 1 blockchain.
- Who are Plasma's investors?
- Plasma's investors include Framework Ventures, Mercy Corps Ventures, Mirana Ventures, Samara Asset Group, Bitfinex.
- Where is Plasma headquartered?
- Plasma is headquartered in London, GB.