Peter Thiel-backed crypto banking startup Plasma has unveiled Plasma One, a stablecoin-focused neobank that combines blockchain infrastructure, payments and consumer banking services into a single application.
The launch helped push XPL up about 20%, but the asset is still approximately 94% below its all-time high set in September 2025, per CoinGecko.
Built on the Plasma Network, the company’s custom blockchain, Plasma One allows users to deposit stablecoins or fiat currencies, send cross-border transfers without fees, earn yield on balances and spend funds using a digital Visa card.
The company said stablecoin adoption has been slowed by fragmented infrastructure that separates wallets, exchanges and payment services. Plasma One aims to address that issue by combining blockchain rails, liquidity, payments and user-facing banking services under one platform.
“Stablecoins will not become part of everyday banking through another app sitting on top of someone else’s rails. They need a product that brings the entire experience together. That’s what Plasma One is built to do,” Plasma founder Paul Faecks commented on the launch.
