Plasma One: Building the Blockchain Backbone of 'Money 2.0'

Plasma One, a stablecoin-native neobank backed by Tether and Bitfinex, launched on September 25, 2025, with $2 billion in stablecoin liquidity and a native token, XPL, positioning it as the eighth-largest blockchain by stablecoin liquidity on day one . The platform aims to redefine global financial infrastructure by offering zero-fee USDT transfers, high-yield savings accounts, and seamless integration with over 100 decentralized finance (DeFi) protocols, including Aave, Ethena, Fluid, and Euler . Plasma’s mainnet beta, supported by $373 million in public funding and a $1 billion deposit campaign completed in 30 minutes, underscores its ambition to bridge traditional finance and decentralized ecosystems .

Plasma One’s core offering includes a neobank application designed for emerging markets, enabling users to earn up to 10%+ yields on stablecoin balances while spending with physical or virtual cards that offer 4% cashback . The platform’s zero-fee USDT transfers, facilitated by its PlasmaBFT consensus layer, aim to streamline cross-border transactions and reduce costs compared to legacy systems . Partnerships with Rain and Binance further enhance liquidity and card deployment, with Binance listing an XPLUSDT perpetual contract to capitalize on the project’s momentum .

The launch of XPL, Plasma’s governance token, allocated 25 million tokens to verified beta participants and 2.5 million to the Stablecoin Collective, emphasizing community-driven ownership . Regulatory compliance, including alignment with the EU’s MiCA framework, supports Plasma’s expansion into markets where stablecoins are critical for remittances and commerce . Analysts highlight the potential for Plasma to accelerate stablecoin adoption in regions like Istanbul, Buenos Aires, and Dubai, where demand for dollar-pegged assets exceeds traditional banking capabilities .

Plasma’s $2 billion liquidity target is supported by integrations with major DeFi protocols, enabling users to access deep USDT markets and competitive borrowing rates . The project’s roadmap includes scaling to $200 million in total value locked (TVL) by 2026, expanding fiat integrations, and enhancing transparency through public audit reports . By targeting real-world use cases in payments, remittances, and peer-to-peer transfers, Plasma aims to establish itself as the infrastructure for “Money 2.0,” leveraging its vertical integration across chain, tooling, and app .