Blockworks

Plasma, an L1 designed for stablecoin payments, announced the launch of Plasma One on Monday. Marketed as the first stablecoin-native neobank, Plasma One <a href="https://x.com/PlasmaFDN/status/1970110863215391151">integrates</a> spending, saving, and earning in digital dollars into a single platform. The launch targets users in emerging markets where dollar access is in high demand, <a href="https://www.plasma.to/insights/introducing-plasma-one-the-one-app-for-your-money">offering</a> features such as stablecoin-backed cards, fee-free USDT transfers, and rapid onboarding.



While hundreds of millions already use stablecoins for necessity rather than speculation, adoption has been hampered by fragmented interfaces, reliance on centralized exchanges, and poor localization. Plasma One aims to address these barriers with localized teams, peer-to-peer cash integrations, and borderless card services available in over 150 countries.



&#8220;The dollar is the product, and most of the world is desperate to access it. Stablecoins provide a fundamental, permissionless way to hold and move dollars anywhere,&#8221; said CEO Paul Faecks. &#8220;Plasma One is our answer to the distribution problem as it puts us directly in the hands of people who face financial exclusion.&#8221;



The service also includes up to 10%+ yields on balances and 4% cash back on purchases, positioning it as a vertically integrated offering across infrastructure, tooling, and consumer applications. Plasma will serve as its own first customer to test and scale its payments stack ahead of its mainnet beta launch on Sept. 25.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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Banking

Plasma opens stablecoin bank Plasma One for dollar access

Plasma will launch its mainnet beta and native token, XPL, on September 25, positioning itself as the eighth-largest blockchain by stablecoin liquidity from day one.



<a href="https://www.plasma.to/insights/plasma-mainnet-beta-and-xpl">According</a> to the project, more than $2 billion in stablecoins will be active on the network immediately, distributed across over 100 decentralized finance (DeFi) partners, including Aave, Ethena, Fluid and Euler. The rollout also enables users to withdraw USD₮0 through bridged vault deposits, marking the final stage of Plasma’s launch process.



The project’s early campaigns drew substantial liquidity commitments, including $1 billion in deposits within 30 minutes and a $373 million oversubscribed public sale via the Echo platform. Plasma later partnered with Binance Earn to distribute the first onchain USD₮ yield product, which reached its $1 billion cap and became the program’s largest campaign to date.



With mainnet beta, Plasma introduces PlasmaBFT, a consensus layer optimized for stablecoin transactions, and will allow zero-fee USD₮ transfers during its initial rollout. The protocol’s stated mission is to build infrastructure for digital dollar payments, remittances and merchant adoption at a global scale.



XPL, the network’s native token, underpins validator incentives and governance. At launch, 25 million tokens will be distributed to community participants, while 2.5 million will be reserved for the Stablecoin Collective, an educational forum turned adoption hub. US participants in the token sale will face a one-year distribution delay due to securities law considerations.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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