Plasma One is a stablecoin card and account app built around the Plasma network. The product page says the card is issued by Rain, a Visa principal member, and that global account services are powered by Bridge. It is aimed at people who hold dollar stablecoins and want Visa spend, local withdrawal, and an earn vault in one app.
Plasma states that it is not a bank, a money-services business, or an investment adviser. The same page says Plasma One does not custody the stablecoins behind the card. The account holder owns that balance.
On October 15, 2026, the official Plasma account said Plasma and Stripe are partnering and that multi-currency cards are the first step. That announcement is separate from the fee table on the product page. The Plasma One rewards addendum says the in-app help center controls live rates when the two texts disagree.
How is Plasma One structured as a payment network?
Plasma One is a consumer app on top of a stablecoin-focused chain, plus a Visa program and fiat account partners. Bridge Building Inc. serves US residents, Bridge Building Sp. Z.o.o. serves the EEA, and Bridge Building Limited serves other residents. Card authorization still runs through Rain and Visa.
The product page says internal USD₮ transfers on Plasma routes are zero-fee, with third-party fees possible. Users move money in the mobile app across spend, earn, and send. Cashback on qualifying purchases is paid in XPL, and the rate depends on the tier.
The earn feature is described as an interface to third-party DeFi vaults. Plasma says it does not manage the underlying protocols. Yield is variable and is not a bank deposit rate.
How do card spending and yield systems function?
Cardholders spend with a Visa card anywhere Visa is accepted, which the product page puts at over 180 countries. The card can be added to Apple Pay or Google Pay where those wallets allow it. A purchase checks the Plasma One balance, converts as needed for the merchant currency, and settles on card rails.
Membership names on the product page are Lite, Core, and Platinum. The English page publishes a 2% base cashback rate for Lite and an “up to 4%” headline for the program. It does not print a dollar subscription or an XPL lock amount for Core or Platinum.
| Tier | What the product page states |
|---|---|
| Lite | $0 card cost, 2% base cashback, 0.25% referral rewards, one free virtual card, standard fees |
| Core | Reduced fees, priority support, up to two free virtual cards |
| Platinum | No added fees, Visa FX fee covered, VIP support, up to three free virtual cards, flight cashback up to $600 a year |
Cashback is paid in XPL, so the dollar value of the rebate moves with the token price. Platinum also lists flight cashback up to $600 a year. Category boosts and the exact Core cashback rate are left to the help center by the rewards addendum.
Yield starts after a deposit into the Earn vault. The product page says the balance then accrues through DeFi lending protocols. Returns can fall, and principal can be lost.
| Stage | Layer | Action |
|---|---|---|
| Card swipe | Visa and Rain | Merchant authorization |
| Balance | User-held stablecoins | Confirm the spendable balance |
| Reward | Plasma One tier | Cashback credited in XPL |
| Idle balance | Third-party vault | Variable yield after an Earn deposit |
What fees and transaction costs does Plasma One apply?
The product page says Plasma One does not add its own fee on top of partner charges. Foreign exchange and bank withdrawals can still include partner fees, shown in the app before confirmation. On Platinum, Plasma covers the Visa FX fee on card spend for as long as the account stays on that tier, so the charge uses the Visa exchange rate.
| Cost type | What is published |
|---|---|
| Lite card cost | $0 |
| Lite base cashback | 2%, paid in XPL |
| Program cashback headline | Up to 4%, varying by tier |
| Partner FX and bank withdrawal | Shown in the app before confirmation |
| Platinum card FX | Visa FX fee covered while the tier is active |
| Internal USD₮ transfer | $0 on Plasma routes, third parties may still charge |
The October 2026 product page does not publish the older percentage FX ladder or a bank-withdrawal percent by tier. Those amounts, if they still exist, are partner fees inside the app. Physical cards, shipping, and ATM operator fees can sit outside the table.
Who can open a Plasma One account and what are the limits?
The product page offers a public signup path, with geographic and eligibility limits that can change. Government ID checks are part of card programs of this type, and the page points eligibility limits to the rewards terms. US, EEA, and other residents are routed to different Bridge entities.
A numeric daily spend cap is not printed on the product page. Visa acceptance and partner rails decide where a card payment or a bank withdrawal can complete. Compliance holds can still delay a large or unusual transfer.
What risks and centralization tradeoffs does the stack present?
The account is non-custodial on the product page’s terms, and it is still dependent on Plasma, Rain, Bridge, and the vault providers. A stablecoin depeg reduces spending power immediately. The page states that stablecoin balances are not bank deposits and are not covered by FSCS, FDIC, or an equivalent scheme.
Yield routes add smart-contract, liquidity, and protocol risk. Cashback in XPL adds market risk to the rebate. Visa clearings are not undone by a normal on-chain transfer.
On October 15, 2026, @Plasma announced a Stripe partnership around multi-currency cards. That post describes a direction for the card program. It does not replace the tier table on the product page.
Common questions
Is Plasma One a licensed bank?
No. The product page says Plasma is a financial technology company, not a bank. The card is issued by Rain under a Visa license. Account services are provided by Bridge entities that differ by region.
How is yield generated?
Idle balances earn only after a deposit into the Earn vault. The vault is an interface to third-party DeFi lending. The displayed rate is variable and can go to a loss of principal.
Can funds move to a bank account?
The app includes off-ramps to a bank, and the available rails depend on region. Those withdrawals can include partner fees. They are not the same as a zero-fee USD₮ transfer on a Plasma route.
