Plasma has launched Plasma One, the first neobank built entirely around stablecoins, aiming to make saving, spending, and earning in digital dollars seamless, the company said in a press release Monday.
The platform is designed to fix what the company calls a broken user experience for stablecoin holders, who often face clunky interfaces, limited local options, and friction when converting to cash.
Stablecoins are cryptocurrencies whose value is tied to another asset, such as the U.S. dollar or gold. They play a major role in cryptocurrency markets, providing a payment infrastructure, and are also used to transfer money internationally.
“The dollar is the product, and most of the world is desperate to access it,” said Plasma CEO Paul Faecks.
“Plasma One is our answer to the distribution problem as it puts us directly in the hands of people who face financial exclusion, delivering permissionless access to saving, spending, earning, and sending digital dollars,” Faecks added.
Plasma One offers card payments with rewards, zero-fee USDT transfers, and fast onboarding, all built on Plasma’s own blockchain and payments stack.
The company is focusing on emerging markets where dollar access is most critical, using local teams and peer-to-peer cash networks to drive adoption.
The rollout comes ahead of Plasma’s mainnet beta launch on Sept. 25, with access set to expand in stages.
Read more: Plasma to Launch Mainnet Beta Blockchain for Stablecoins Next Week