Plasma, the recently rolled out Tether-backed, purpose-built L1 blockchain for stablecoins, has announced the launch of Plasma One, a super-app that is both a stablecoin-native neobank and card.
As detailed in the official announcement made by Plasma, initially, both the Plasma network and the super-app are set to have their operations focused on USDT.
How will the new offering benefit users?
Plasma emphasised that users will be able to pay directly from a stablecoin balance while earning a 10% yield. Other upcoming benefits include 4% cash back while leveraging Plasma One cards, coverage in 150 countries, and fee-free transfers inside the app. According to officials from Plasma, the company plans to develop an efficient rail in global finance because stablecoins are more cost-effective, faster, and more reliable compared to legacy alternatives.
Furthermore, Plasma intends to onboard partners around the world to work on connecting on-and off-ramps, FX providers, card networks, and banks in an optimal interface. The company mentioned its plans to build improved products, with Plasma One advancing the landscape by positioning itself as a stablecoin neobank in terms of utility, coverage, and user experience.
In addition to the Tether-issued stablecoin, USDT, Plasma has other connections with the company. The organisation had completed a Series A private funding round led by Bitfinex, Tether’s sister company and exchange arm, and Framework Ventures. The round also saw participation from an angel investor, namely the CEO of Bitfinex and Tether. The sum raised, which reached USD 74 million, brought Plasma’s valuation to USD 500 million.
Moving forward, Plasma aims to provide everyone, regardless of their location, permissionless access to the dollar and the financial system it facilitates. Access is set to be introduced in stages so that the company can iterate efficiently, deliver new features, and expand to onboard more users.
