Plasma, a Layer 1 stablecoin-focused blockchain community backed by American billionaire Peter Thiel and Tether sister firm Bitfinex, is launching Plasma One, a “stablecoin-native neobank.”
In a press launch shared with The Defiant, Plasma stated that its new platform is constructed to broaden entry to stablecoins and combines funds, financial savings, and transfers right into a single utility to deal with “fragmented experiences which have restricted stablecoin adoption and value for individuals in all places.”
Plasma’s CEO, Paul Faecks, stated in an announcement that the agency created Plasma One to deal with the distribution drawback for USD-pegged stablecoins: “The greenback is the product, and many of the world is determined to entry it. Stablecoins present a elementary, permissionless option to maintain and transfer {dollars} wherever.”
At launch, Plasma plans to focus on rising markets the place demand for {dollars} is highest, the press launch notes. Plasma One, which the crew says is the world’s first stablecoin-focused neobank, will deploy localized groups and language assist in its goal areas. Utilizing the platform, stablecoin holders will be capable to spend stablecoins, earn yield above 10%, and obtain as much as 4% money again through bodily and digital Plasma One playing cards, the press launch additionally revealed.
$2B in Liquidity at Launch
The stablecoin neobank’s debut comes forward of the launch of Plasma’s mainnet beta and its native token, XPL, scheduled to go dwell on Thursday, Sept. 25.
As The Defiant beforehand reported, the mainnet beta will launch with $2 billion in stablecoin liquidity deployed throughout greater than 100 decentralized finance companions, together with Aave, Ethena, Fluid, and Euler.
As a part of the rollout, customers will be capable to bridge vault deposits to Plasma and withdraw USDT0, Tether’s omnichain model of USDT. The launch can even introduce zero-fee USDT transfers by Plasma’s dashboard, initially restricted to Plasma’s personal merchandise with broader entry deliberate over time.
