“Can a stablecoin-native blockchain become the global dollar account for consumers by wrapping on-chain USDT with a card, ramps, and yield?”
Plasma is a London-based company (Cayman-incorporated parent, with UK, US, and Netherlands subsidiaries) building a stablecoin-native Layer 1 blockchain (XPL token) purpose-built for zero-fee USD₮ transfers. Its flagship consumer product, Plasma One, is a stablecoin neobank with non-custodial wallets, a Visa card, cashback, and DeFi-sourced yield — explicitly positioned as 'a stablecoin-native neobank.' Plasma does not hold a bank or EMI license itself; it layers card issuance, ramps, and account services through regulated partners (Rain, Bridge).
Plasma discloses Bridge as its banking provider, according to the Embedded Finance Index 2026.
Plasma does not disclose a bank charter of its own; its banking services are provided through Bridge.
Plasma processes payments through checkout.
Plasma's cards are issued through Rain on the Visa and Mastercard networks.
Plasma uses Sumsub for KYC and identity verification.
Plasma uses Bridge for FX and cross-border payouts.
Plasma's crypto products run on Bridge and Privy (self-custodial key management via TEE).
The Embedded Finance Index 2026 maps 8 layers in Plasma's stack: Payments / PSP (checkout); Banking / BaaS (Bridge); Card issuing (Rain); Card network (Visa and Mastercard); KYC (Sumsub); FX & payouts (Bridge); Crypto (Bridge and Privy (self-custodial key management via TEE)); Treasury (Third-party DeFi vault providers (unnamed)).
Plasma is founded in 2024 and headquartered in London, United Kingdom.
Plasma has raised $403M in total (latest round: Initial Coin Offering, 2025).
Get a read on where your own stack stands against Plasma and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.