Plasma One Card

Plasma One Visa Debit Card: Stablecoin-Native Neobank with Self-Custody and DeFi Yields

Basic Information

Rewards and Benefits

Cashback Program

• Rate: Up to 4% cashback paid in XPL tokens
• Structure: Varies by tier with "partner boosts" available
• Settlement: Specific timing not disclosed

Yield Program

• Rate: Claims 10%+ yields on USDT balances
• Mechanism: Generated from "Plasma on-chain ecosystem"
• Risk Disclosure: Methodology and risk details not published

Additional Benefits

• Zero-fee USDT transfers on Plasma routes
• Self-custody model maintaining user asset ownership
• Real-time spending controls and alerts
• Instant virtual card issuance

Fees and Limits

Published Fees

Unpublished Fee Information

The following fees have not been disclosed:

• Card issuance and replacement fees
• ATM withdrawal fees
• Foreign exchange fees
• Monthly or annual maintenance fees
• Inactivity fees
• Conversion fees

Limits and Controls

• Spending Limits: User-configurable controls available
• Specific Limits: Numeric limits not disclosed
• Real-Time Controls: Instant freeze/unfreeze functionality
• Withdrawal Limits: Information not available

Card Tiers and Options

Plasma acknowledges multiple tiers that determine cashback rates but has not published tier names, qualification amounts, or staking requirements.

Top-Up Methods

Users add funds to the Plasma One Card by depositing USDT (Tether) stablecoins into their account via the Plasma app, maintaining self-custody of their assets throughout the process. The top-up flow does not require transferring funds to the card provider's custodial wallet; instead, users retain ownership and control of their stablecoin balance until the point of spending. Currently, only USDT is supported for top-up, with future expansion to other cryptocurrencies implied but not detailed. There are no disclosed top-up fees for USDT transfers on Plasma routes, but third-party fees may apply if using external networks. Minimum or maximum top-up amounts, time delays for funds to become available, and conversion requirements are not specified in the source material; users should be aware of these potential limitations due to incomplete fee and limit disclosures.

Self-Custody True Self-Custody

Plasma One Card uses a self-custody model where users retain ownership and control of their stablecoin assets, holding their funds in wallets secured by their own private keys. Users interact directly with their assets and authorize spending through the app, with no need to transfer funds to Plasma or the card issuer prior to making purchases. This means users always have independent access to their funds—even if Plasma were to cease operations, their assets would remain accessible in their self-custodial wallets. The approach gives users strong control and protection from platform risk, but also means they are solely responsible for their wallet security and exposed to stablecoin volatility or depegging risk. While this model maximizes autonomy and aligns with DeFi principles, users must be comfortable managing private keys and navigating the app’s security features. The lack of traditional banking safeguards or insurance is a trade-off for full self-custody and direct blockchain integration.

Supported Currencies and Conversion

Cryptocurrencies

• Primary: USDT (USD Tether)
• Rewards: XPL tokens for cashback payments
• Future Support: Implied expansion on Plasma L1 blockchain

Fiat Currencies

• Settlement: Local fiat currencies at Visa merchants
• Conversion: Via partner off-ramps with region-dependent timing and fees
• Specific Currencies: Complete list not published

Conversion Process

Conversion methodology, timing, exchange rates, and settlement processes have not been disclosed in available documentation.

Geographic Availability

Plasma One markets availability in 150+ countries where Visa is accepted, but no official country list has been published. Geographic restrictions may apply according to terms of service, and U.S. sanctions compliance (OFAC) applies.

Compliance and Security

Identity Verification

• Process: "Simple in-app verification" required before card issuance
• Requirements: Specific document types not disclosed
• Timeline: Information not available

Regulatory Framework

• Status: Plasma is not a bank, MSB, or regulated financial institution
• Card Issuance: Handled by Signify Holdings, Inc. under Visa license
• Compliance: OFAC sanctions compliance noted

Security Features

• Custody Model: Self-custody (users own stablecoin assets)
• Authentication: Hardware-backed keys, biometric sign-in
• Monitoring: Fraud monitoring and layered security
• User Controls: Instant freeze/unfreeze, customizable spending limits
• Auditing: Claims "independently audited" but auditor not named
• Insurance: No deposit or asset insurance disclosed

Technical Details

Blockchain Infrastructure

• Platform: Built on Plasma L1 blockchain
• Self-Custody: Users retain ownership of stablecoin assets
• Transfer Rails: Zero-fee USDT transfers on Plasma routes

Mobile Integration

• Instant Issuance: Virtual cards available immediately upon verification
• Wallet Support: Apple Pay and Google Pay integration
• Real-Time Features: Live spending controls and transaction alerts

User Experience

Mobile Application

• Features: Instant virtual card issuance, mobile wallet integration, real-time controls
• Availability: App promoted but store links not yet published
• Status: Currently in early access phase

Customer Support

• Channels: Discord and X (Twitter) links provided
• Response Times: No published SLAs
• Help Center: Not available

User Feedback

Independent user reviews are limited due to early access status. Available feedback primarily consists of marketing claims rather than hands-on usage experiences.

Best Suited For

• Crypto-savvy early adopters who value self-custody and DeFi integration
• Emerging market users seeking reliable dollar access with limited traditional banking
• Stablecoin holders who want to maintain yields while having spending capabilities
• DeFi enthusiasts comfortable with variable yields and new fintech platforms
• Global travelers needing Visa acceptance with stablecoin backing

Pros and Cons

Pros

• Self-custody model maintains user ownership of assets
• Claims attractive yields (10%+) on stablecoin balances
• Up to 4% cashback in XPL tokens
• Instant virtual card issuance with mobile wallet support
• Zero-fee transfers on Plasma network

Cons

• Comprehensive fee schedule not published
• Limited customer support infrastructure
• Yield mechanism lacks risk disclosure
• No traditional banking safeguards or insurance
• Currently in early access with limited availability

Conclusion

Plasma One presents an innovative approach to stablecoin-based payments, combining self-custody principles with traditional Visa acceptance. The platform's standout features include claimed 10%+ yields on USDT balances, up to 4% XPL cashback, and instant virtual card deployment.

However, significant information gaps limit proper evaluation. The absence of complete fee schedules, specific limits, tier requirements, and yield risk disclosures makes cost-benefit analysis challenging. The service targets crypto-native users in emerging markets who prioritize self-custody over traditional banking safeguards.

Prospective users should await publication of formal cardholder agreements and comprehensive fee structures before making informed decisions. While the concept is compelling for DeFi-oriented users, the early-stage nature and limited transparency require careful consideration.

Additional Information

Technical Infrastructure

Plasma One operates on the Plasma L1 blockchain infrastructure, positioning itself within the broader Plasma ecosystem for stablecoin payments and DeFi integration.

Partnership Structure

The service relies on multiple partnerships including Signify Holdings for card issuance, regional partners for off-ramp services, and unnamed KYC/AML service providers for compliance.

Data Handling

According to the Privacy Policy dated June 9, 2025, Plasma may share personal data with service providers and entities conducting KYC/identity verification. The company notes UK headquarters with processing in other countries including the US.

Upcoming Features

• Implied expansion to additional cryptocurrencies on Plasma L1
• Continued rollout across claimed 150+ country coverage
• Evolution from current waitlist/early access phase