Plasma has announced the launch of a stablecoin neobank called Plasma One. As a neobank, it does not hold a regulated bank license but works with regulated entities to provide certain services.
The stablecoin-native neobank app aims to compete with other established digital banks by offering an integrated financial service underpinned by stablecoins for payments and transfers. All of this is on their own blockchain protocol.
“Stablecoins will not become part of everyday banking through another app sitting on top of someone else’s rails,” says founder and CEO Paul Faecks.
He predicts that Plasma One will bring together a network and user experience that is superior to the competition, where users spend, save, and earn.
At launch, Plasma One offers deposits in various currencies, including Euros, Dollars, and Pounds. Spending with a Visa card with up to 4% cashback, unlimited free transfers, as well as access to “competitive on-chain yields.”
Plasma One’s private beta has reportedly already garnered 5,000 weekly active users