Bitfinex-Backed Plasma One Debuts With Cards, Rewards, and $2B Liquidity for Stablecoins
The race to dominate the stablecoin economy is heating up, and one newcomer is making a bold move.
Plasma, a blockchain project supported by Bitfinex, is preparing to roll out a service it calls Plasma One, described as the first “neobank” designed specifically for stablecoin users.
Stablecoins have become one of crypto’s fastest-growing sectors, with global supply now approaching $280 billion. Supporters believe looming regulation such as the GENIUS Act in the U.S. could push that figure past $2 trillion by 2028. Yet while liquidity has poured in, the tools for spending, cashing out, or earning rewards with dollar-pegged tokens remain clunky.
Plasma is betting it can fix that gap. The new app will combine features usually scattered across exchanges, wallets, and banking apps: free USDT transfers within its network, instant virtual card issuance, and traditional card spending complete with rewards programs. Early rollout will target regions where access to reliable dollar banking is limited, a deliberate strategy to capture users who already rely on stablecoins for daily life.
The unveiling comes just ahead of Plasma’s mainnet beta on September 25, which the team claims will debut with more than $2 billion in liquidity and 100+ DeFi integrations. Alongside the network, the native XPL token will go live. Pre-market trading this summer valued the project at between $4.5 billion and $7.6 billion, underscoring the high expectations surrounding the launch.
Plasma has been building momentum for months. In July, the project closed a $50 million raise and attracted $373 million in oversubscribed commitments during a 10-day sale. It also partnered with Binance to seed liquidity through a Plasma USDT locked product, which hit its cap almost immediately before being expanded to $1 billion.
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Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
