Plasma News Today: Plasma's Licensed Stack Enables Direct Euro Settlements in Europe

Plasma, a stablecoin-focused payment chain, has secured a Virtual Asset Service Provider (VASP) license in Italy, marking a pivotal step in its strategy to expand stablecoin payment operations across Europe. The company announced on October 23 in a a LookonChain post that it will leverage the license to establish a regulated payments network, reducing intermediaries and enhancing cross-border transaction efficiency. Plasma also revealed plans to open a new office in Amsterdam, Netherlands, as part of its broader European expansion, with the aim of strengthening its regulatory compliance framework and accessing the EU's growing financial infrastructure market.

The VASP license, obtained under the MiCA (Markets in Crypto-Assets) regulatory framework, allows Plasma to legally handle crypto transactions and custody assets within the region. The company is now applying for additional licenses, including MiCA's Crypto Asset Service Provider (CASP) status and an Electronic Money Institution (EMI) license. These authorizations would enable Plasma to issue payment cards, hold customer funds, and facilitate direct euro settlements with traditional financial systems. Adam Jacobs, Plasma's head of global payments, emphasized, according to CoinDesk, that securing a "fully licensed payments stack" would allow the firm to offer "greater reliability and access to merchants, people, and institutions."

Plasma's Amsterdam office, which will be led by a newly appointed chief compliance officer and money laundering reporting officer, underscores its commitment to aligning with EU regulatory standards. The Italian entity, previously known as GBTC Italia, will operate under the name Plasma Italia SrL, while the Netherlands-based unit will be Plasma Nederland BV. Jacobs highlighted the Netherlands' reputation as a "payment hub" and its strategic value in "owning more of the payments stack, from stablecoin settlement to licensed financial infrastructure," according to CoinDesk.

The company's expansion aligns with the growing demand for stablecoin-based payment solutions, which have processed $46 trillion in annual transaction volume, surpassing legacy fintech giants like PayPal and Visa, as noted in a Crypto.news article. Plasma's blockchain infrastructure, which currently holds $7 billion in stablecoin deposits, aims to position itself as a scalable alternative to traditional rails by offering faster settlements and lower fees. The firm also plans to launch Plasma One, a regulated stablecoin neobank, leveraging its compliance stack to segregate and protect customer funds under EU law, per CoinDesk.

Regulatory experts note that Plasma's VASP license and dual-licensing strategy under MiCA and EMI could streamline integration with incumbent banking systems. By reducing fragmentation in crypto custody and fiat payment corridors, the company aims to enable direct euro settlements and attract financial institutions seeking cost-efficient cross-border solutions, Cryptonomist reports.