Card to the Future
Illustration in the plan's colour, not the issuer's artwork

Plasma One

VisaSelf-custodyKYC full

Plasma One is a stablecoin neobank app with a Visa card (issued by Rain) and USD account, offered in Lite, Core and Platinum tiers; cashback is paid in the XPL token and higher tiers need a $199/yr subscription or a 12-month XPL lock. Access is by invite or waitlist and the card is unavailable in 2 US states and a list of sanctioned or document-blocked countries.

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63Card Score, #5 of 36
$8You keep a year
C64Trust points of 100
74%Key fields with a source

Plans side by side

Lite
Core
Platinum
Price
Yearly priceFree1,24Free in most regions; price depends on region and is shown in the app. Accounts that predate a fee stay free while in good standing.$1991,23Alternatively lock 20,000 XPL for 12 months—No cash price published; access only by locking XPL
Virtual card fee$10 deposit before activation (stays in balance, spendable); in some regions a $10 card fee instead1,241 virtual card includedFree11,23Up to 2 free virtual cards; additional virtual cards coming soon at extra costFree4,11Up to 3 free virtual cards
Physical card fee—Not available on Lite; physical card needs Core or PlatinumFree10,11First physical card free; the cards article labels it coming soon while the ordering article describes ordering for CoreFree4,10,11First physical card free
Shipping—No physical card on LiteStandard $20, express $5010,11Recorded delivery with signature; no PO boxes or hotelsStandard free, express $3010,11Recorded delivery with signature
Replacement—No physical card on Lite$4010,11Additional or replacement card$12010,11Additional or replacement card
Staking needed01No XPL lock needed20,000 XPL, 365 days1,23Alternative to paying $199/yr; lock cannot be unlocked early100,000 XPL, 365 days1,4,29Promo rate for the first 30 days from launch; standard requirement is 150,000 XPL; locked XPL cannot be unlocked early
Other requirementsInvite or referral code, or wait on the waitlist; KYC; $10 activation deposit in most regions12,38,1Invite or referral code, KYC; no $10 activation requirement1,12Invite or referral code, KYC; 12-month XPL lock1,12
Rewards
Cashback2%2,242% on the first $500 of monthly spend, then 0.1% above $5003%2,233% on first $1,000, 2% on next $1,000, 1% on next $1,000, 0.25% above $3,000 monthly4%2,44% on first $3,000, 3% on $3,000-$10,000, 2% on $10,000-$15,000, 1% above $15,000 monthly
Paid inown token: XPL3,18Accrues in USD, converted to XPL at payout; Plasma may pay some programs as non-transferable Spending Creditown token: XPL3,18Accrues in USD, converted to XPL at payoutown token: XPL3,18Accrues in USD, converted to XPL at payout
Earns onEligible card purchases on any card of the account, calculated at settlement3Eligible card purchases on any card of the account; AI merchants (ChatGPT, Claude, Cursor) earn AI cashback instead of base3,2,23Eligible card purchases; AI merchants earn up to 10%; partner airlines earn 10% up to $300 per half-year2,4,3
No cashback onATM withdrawals, P2P transfers, currency exchange, tax payments, gift and prepaid cards, gambling, crypto purchases and sales, wires, cash advances, balance payments, affiliated merchants, manufactured spend, declined/reversed/refunded/charged-back transactions, buying XPL3,18Partial list; full list in the Rewards AddendumATM withdrawals, P2P transfers, currency exchange, tax payments, gift and prepaid cards, gambling, crypto purchases and sales, wires, cash advances, balance payments, affiliated merchants, manufactured spend, declined/reversed/refunded/charged-back transactions, buying XPL3,18Partial list; full list in the Rewards AddendumATM withdrawals, P2P transfers, currency exchange, tax payments, gift and prepaid cards, gambling, crypto purchases and sales, wires, cash advances, balance payments, affiliated merchants, manufactured spend, declined/reversed/refunded/charged-back transactions, buying XPL3,18Partial list; full list in the Rewards Addendum
VestingPaid weekly (currently Thursdays) after a pending period of several days3,2,18Rewards vest only at the end of the pending period; timing may changePaid weekly (currently Thursdays) after a pending period of several days3,2Paid weekly (currently Thursdays) after a pending period of several days3,2
PointsAI cashback not available; referral cashback 0.25% for 3 months2,24AI cashback 5% on first $250/mo, 4% on next $250, 1% above $500; referral cashback 1% for 3 months2,23Only the highest applicable rate pays; rates do not stackAI cashback 10% on first $500/mo, 5% on next $500, 1% above $1,000; airline cashback 10% capped at $300 per half-year ($600/yr); referral 1% for 6 months2,4Only the highest applicable rate pays; rates do not stack
PerksVirtual card, USD account, Standard support1,24Visa Signature benefits (price protection up to $2,000, purchase protection up to $10,000, extended warranty up to $10,000, auto rental insurance), Visa Airport Companion lounge program, GigSky eSIM 1GB plus 20% off extra data, Visa Concierge and Luxury Hotel Collection, AI credit up to $8/month toward ChatGPT Go, Priority support25,23,1Visa Infinite benefits (price protection up to $4,000, purchase protection up to $20,000, extended warranty up to $25,000, travel accident insurance up to $1.5M, baggage delay up to $600, lost luggage up to $3,000, auto rental insurance), Unlimited Priority Pass lounge access (1,900+ lounges, guests extra), GigSky eSIM 3GB plus 30% off extra data, Visa Concierge and Luxury Hotel Collection, AI credits up to $20/month ChatGPT Plus and up to $20/month Claude Pro, VIP support, target response under 30 minutes, dedicated contact, No added Plasma fees25,4,27
Fees
FX fee1%6,5Plasma markup 1% plus Visa network FX fee (about 1%) on non-USD spend; a real-payment test measured about 2.3% (see tests)0.5%6,5Plasma markup 0.5% plus Visa network FX fee (about 1%)0%6,5No Plasma markup and no Visa FX fee while on Platinum
Crypto conversion fee0.15% to 0.75% on crypto deposits (same on all tiers)5Plus network, bridge or swap fees shown in the app0.15% to 0.75% on crypto deposits (same on all tiers)50.15% to 0.75% on crypto deposits (same on all tiers)5
Top-up feeUSD ACH $1, USD wire $15, GBP/EUR $0.50, MXN $1.00, BRL $0.50, COP $1.005Fiat onramp; USDT deposits free, USDC free up to $30,000 per depositUSD ACH $0.50, USD wire $15, GBP/EUR $0.40, MXN $0.80, BRL $0.40, COP $0.755Fiat onrampUSD ACH $0.50, USD wire $10, GBP/EUR $0.30, MXN $0.60, BRL $0.30, COP $0.755Fiat onramp
ATM fee—No physical card on Lite; for physical cards the fee is 2%2%7USD withdrawal $2 + 2%; physical card only; ATM operator may add its own fee2%7USD withdrawal $2 + 2%; no Plasma FX fee on non-USD ATM withdrawals; ATM operator may add its own fee
ATM fixed fee—No physical card on Lite; for physical cards the fee is $2$27$27

Real payments

FX markup paidPaymentscanAbout 2.3% over the mid rate on a real foreign-currency payment with the Lite card (issuer lists 1% Plasma markup plus about 1% Visa fee)33

What someone actually paid, which can differ from the advertised fee. Each test is one payment or a few, so treat it as a signal.

What you keep

Rewards you can spend$126 paid in a volatile token, counted at 50%+$63
FX fee on foreign spend−$55
Net a year, Lite plan$8

$1,000 a month, 20% in a foreign currency, no staking. Change

Trust

Licence and regulator12 of 25

Card issued by Rain, a Visa principal member; accounts run by Bridge. Plasma says it is not a regulated financial institution.18,19

Custody and fund protection16 of 20

Non-custodial smart account with keys secured by Privy. Not FDIC or FSCS insured.13,17

Incidents in the last 24 months17 of 20

No freezes or hacks found. Rewards terms changed on Sep-26, 2026, and one reviewer says terms changed after locking XPL.18,39

Track record and verified volume6 of 15

App live since Apr 2026. $98.7M on-chain spend tracked by Paymentscan.20,33

Published fees and terms6 of 10

Fees and rewards published, but help center pages conflict on the Core physical card.17

Support and user sentiment7 of 10

Trustpilot 4.5 from 38 reviews. App Store 4.36, Google Play 3.73.22,20,21

Company

Legal entityPlasma, a Cayman Islands exempted company (affiliates Plasma Labs UK Ltd. and Plasma US, Inc.)19Account services by Bridge Building Inc. (US), Bridge Building Sp. z.o.o. (EEA) or Bridge Building Limited (other)
HeadquartersCayman Islands (place of incorporation)19Operating HQ not stated
Funding raised$24,000,00035,36$20M Series A led by Framework Ventures (Feb 2025) plus $3.5M seed led by Bitfinex; excludes the ~$373M XPL token sale
InvestorsFramework Ventures, Bitfinex, Peter Thiel, Paolo Ardoino35,36Sources differ on whether Founders Fund participated
Websiteplasma.org17plasma.to redirects here
X@plasma17

Issuer and licence

Card issuerRain (Visa Principal Member)17,18
LicencesVisa Principal Member (Rain, Visa license)18Plasma itself states it is not a regulated financial institution
NetworkVisa17
Card levelVisa Signature (Core), Visa Infinite (Platinum)25Lite has no Visa travel or purchase benefits

The card

Statuslive12,20Invite-only with waitlist; app on stores, access granted via invite or referral code
Launched2026-0420iOS app first released Apr-13, 2026; Plasma One was announced Sep-22, 2025 with early access
FormsVirtualPhysical17,11Physical card on Core/Platinum only
Custodyself-custody13,17Plasma describes a non-custodial smart account secured by Privy; card spend moves funds from the wallet
How custody worksNon-custodial smart account; keys secured by Privy (a Stripe company); Earn deploys funds to third-party DeFi vaults via Veda/Aave13,26
KYCfull14
KYC documentsPassport, national ID or photo ID, video liveness check, proof of address in some countries (issued within 3 months)14
KYC timeUp to 5 minutes (automated)14
Minimum age1814,19
Settles inUSD17,9
Card currenciesUSD9,6USD account; non-USD purchases incur FX markup by tier

Funding

Crypto acceptedUSDTUSDCUSDGUSDePYUSDETHWBTC9Other assets are converted to USD
Fiat top-upACHUS wireSEPAFaster PaymentsSPEIPIXBre-B16,5Via virtual accounts; funds land as USDT
Deposit feesUSDT free; USDC free up to $30,000 per deposit; USDG bridge fee; other crypto 0.15% to 0.75% plus network fees9,5Fiat onramp fees by tier are in the tiers
Minimum deposit$10 to activate a Lite card in most regions1Per-asset minimums apply but are not published
Spends fromUSD cash balance in the Plasma One account28,9

Payments

Apple Pay32Only one card can be added per 24 hours
Google Pay17Landing page says the card works with Apple Pay and Google Pay
Online subscriptionsYes25AI subscriptions (ChatGPT, Claude) paid by card earn rebates

Where it works

RegionsUnited StatesWorldwide8,17
United States831 states supported; Arizona and Washington unsupported; 17 others not stated in the article
United Kingdom1,5Inferred from UK disclaimers and GBP Faster Payments; not stated as a country list
EEA5,18Inferred from SEPA deposits and a Bridge EEA entity; not stated as a country list
Excluded countriesCubaCubaIranIranNorth KoreaNorth KoreaRussiaRussiaSyriaSyriaUkraineUkraineVenezuelaVenezuela8Plus 12 document-blocked countries (BY, CN, IN, IQ, IL, MM, NP, NI, TR, VN, NG, LK), where residents of a supported country may still qualify with proof of address

Account

Local accountsUSD, EUR, GBP, MXN, BRL, COP16Virtual accounts for deposit; availability depends on country and state
P2P transfersYes17Website claims instant sends; zero-fee USDT transfers on Plasma routes only
Crypto to bankYes16,5Withdrawals to bank in USD, EUR, GBP, MXN, BRL, COP, CAD, AUD, INR, PHP, IDR, MYR, THB, VND, KRW, TRY, NGN, ZAR, KES
Yield on balance6%17Landing page says up to 6% on balances until spent; variable, not guaranteed, no APY in help center; risk of loss
Multi-currencyUSD balance only; local currencies are converted on deposit and withdrawal16,17
OtherEarn (DeFi vaults via Veda deployed into Aave); self-custodial wallet withdrawal to external wallets26,13

Security

Freeze card17Help center has a freeze-card article; confirmed by listing only
Two-factorPasskey (Face ID, Touch ID or passcode) for sign-in and moving money13Passkey articles are in the Security & Fraud help collection
Biometrics13Passkey with Face ID / Touch ID
InsuranceNo4,17Not FDIC/FSCS insured; XPL value can fall to zero

App

App Store rating4.3620US store; version 1.30.0 updated Oct-22, 2026
App Store ratings20320
Google Play rating3.7321Based on about 622 ratings
Google Play installs100K+21
App StoreOpen in App Store20
Google PlayOpen in Google Play21
LanguagesEnglish20iOS listing shows English only
SupportIn-app messengerEmail support@plasma.org27
Support hoursMainly UK business hours; 24-hour coverage planned, not yet live27

Reputation

Trustpilot4.522Last 12 months; 92% five-star, 8% one-star; company has not invited reviews or replied to negatives
Trustpilot reviews3822
Common complaintsPlatinum benefits said to differ from what was advertised, Terms changed after locking XPL (reviewer claim, one account repeated across Trustpilot domains), No physical card at launch, Invite-only access39,22Single-reviewer claims; unverified
Common praiseSimple polished app, Fast responsive support, Cashback and Platinum/Core perks incl. lounge access, Easy stablecoin onboarding, Low transparent fees22

Adoption

On-chain spend, all time$98,670,00033Paymentscan on-chain tracked, accessed Oct-25, 2026

Referrals

User referralsYes: $10 each for first-spend bonus, $200 each for high-spend bonus, $20 for friend upgrading to Core, $300 for Platinum; referral cashback 0.25% (Lite, 3 mo), 1% (Core, 3 mo), 1% (Platinum, 6 mo), Platinum boost 3% for 90 days up to $30030,2,4Bonuses paid as spend credit; cashback in XPL; spend thresholds not published in the help center

Incidents and changes

Sep 2026Platinum XPL lock promo rate of 100,000 XPL runs for the first 30 days after launch; standard requirement is 150,000 XPL.4,29fee change
Sep 2026Rewards Addendum took effect Sep-26, 2026, setting caps, Spending Credit and new referral bonuses; one Trustpilot reviewer alleges terms changed after they locked XPL.18,39fee change
Jul 2026Promo of free Core for 6 months on Android ended Jul-21, 2026 per the landing page.17fee change

Regional differences

USavailability.us available: 31 states supported; Arizona and Washington not supported8
Some regionsissuance virtual: $10 card fee instead of $10 deposit1,24

More details

Tier cost summaryLite free; Core $199/yr or 20,000 XPL locked 12 months; Platinum 100,000 XPL locked 12 months (promo, then 150,000)1,29
XPL lock rulesLocks last 12 months and cannot be unlocked early; tier returns to Lite at the end if not renewed; no manual downgrade; locking XPL gives no yield1,18
Free Core promoDepositing $100 during the Platinum promo window claims free Core; replaced if you lock 100,000 XPL29
Cashback cap ruleCashback is capped by the monthly spend band limit; all cards on one account share caps2,18
Cashback conversionAccrues in USD and converts to XPL at the rate at payout, so the XPL amount floats3
XPL cashback paid outPassed 25M XPL cashback paid, per Paymentscan post of Oct-24, 202634
Oct 2026 on-chain spend, month to date$23.33M (Paymentscan, accessed Oct-25, 2026)33
Spending CreditNon-transferable credit against future card spend, used for fixed referral bonuses; earns no cashback or yield18,30
Airline cashback (Platinum)10% on partner airlines (United, Emirates, Singapore Airlines, Cathay Pacific, British Airways), capped $300 per half-year2,4
Landing-page headline claimsUp to 4% cashback; up to 6% on balances; 180+ countries; 20% back on flights/hotels promo (terms apply)17
Bank withdrawal fees (Lite / Core / Platinum)USD ACH 0.75% / 0.35% / 0.10%; USD wire 1% / 0.5% / 0.2%; GBP, EUR, MXN, BRL 1% / 0.25% / 0.10%; COP 1% / 0.25% / 0.10% plus $1; plus rail fee5
Large depositsAdditional fees may apply to deposits above $250,000 per month5
ATM rulesPhysical card only; max $1,000 per withdrawal; 3 attempts per rolling 24h incl. declines; balance inquiry $1; declined attempt $1; no cashback7
Physical card deliveryUS standard within 6 business days; international standard 8-13 business days, express 6-12; no PO boxes; Mexico, India, China, Turkey, Vietnam excluded31,10
Document-blocked countriesBY, CN, IN, IQ, IL, MM, NP, NI, TR, VN, NG, LK8
Supported US states (31)AL, AK, AR, CA, CO, CT, FL, HI, IL, IN, IA, KS, KY, ME, MA, MI, MN, MT, NE, NH, NJ, NY, NC, OK, PA, SC, TX, UT, VA, WV, WY8
Bank withdrawal currenciesUSD, EUR, GBP, MXN, BRL, COP, CAD, AUD, INR, PHP, IDR, MYR, THB, VND, KRW, TRY, NGN, ZAR, KES16
Deposit speedStablecoins about 5 minutes; BRL/MXN/COP bank about 30 minutes; USD ACH 1-3 business days9
Visa benefits accessBenefits portal location must be set to Puerto Rico and cards added; benefits apply to the matching card25
Partners listedRamp, Zero Hash, Rain, Whop, Aurora, Aave, Privy, Bridge, Fireblocks17
Legal documentsCardholder Agreement (in-app Settings > Legal), Terms of Service (arbitration under LCIA, London; Cayman law for website), Rewards Addendum15,19,18
Regulatory statusPlasma says it is a fintech, not a bank or MSB; balances not covered by FDIC/FSCS; UK FCA considers XPL high risk17,1

Quick answers

What does the Plasma One cost?

The Lite plan: — a month, — for a physical card.

How much cashback does the Plasma One pay?

2% on the Lite plan, paid in own token: XPL.

What is the Plasma One FX fee?

1% on the Lite plan.

Is the Plasma One custodial?

Self-custody. Non-custodial smart account; keys secured by Privy (a Stripe company); Earn deploys funds to third-party DeFi vaults via Veda/Aave

Is the Plasma One available in the US, the UK and the EEA?

US: yes. UK: yes. EEA: yes.

How much do you keep with the Plasma One?

$8 a year on the Lite plan at $1,000 a month with 20% in a foreign currency, after every fee.

Sources

  1. How the Plasma One tier system works, issuer, Nov-05, 2026
  2. Cashback rates and spend bands by tier, issuer, Nov-05, 2026
  3. How cashback works on Plasma One, issuer, Oct-25, 2026
  4. How does Platinum work?, issuer, Nov-05, 2026
  5. What are the fees on Plasma One?, issuer, Nov-05, 2026
  6. Does Plasma One charge FX fees?, issuer, Nov-05, 2026
  7. Can I withdraw cash from an ATM?, issuer, Oct-25, 2026
  8. Which countries and US states is Plasma One available in?, issuer, Oct-25, 2026
  9. How do I add money to my Plasma One account?, issuer, Oct-25, 2026
  10. How do I order a physical card?, issuer, Oct-25, 2026
  11. How many cards can I have?, issuer, Oct-25, 2026
  12. How do I get access to Plasma One?, issuer, Oct-25, 2026
  13. How is my money stored on Plasma One?, issuer, Oct-25, 2026
  14. What documents do I need for identity verification?, issuer, Oct-25, 2026
  15. What are my rights as a Plasma One cardholder?, issuer, Oct-25, 2026
  16. Fiat currencies for deposits and withdrawals, issuer, Oct-25, 2026
  17. Plasma One landing page (plasma.org), issuer, Oct-25, 2026
  18. Plasma One Rewards Addendum (effective Sep-26, 2026), issuer, Oct-25, 2026
  19. Plasma Terms of Service, issuer, Oct-25, 2026
  20. Plasma One: Stablecoin Card on the App Store (iTunes lookup API), app store, Oct-25, 2026
  21. Plasma One on Google Play, app store, Oct-25, 2026
  22. Plasma reviews on Trustpilot, trustpilot, Oct-25, 2026
  23. How does Core work?, issuer, Oct-25, 2026
  24. How does Lite work?, issuer, Nov-05, 2026
  25. Overview of Plasma One perks and benefits, issuer, Oct-25, 2026
  26. How do I earn on Plasma One?, issuer, Oct-25, 2026
  27. Support: what to expect by tier, issuer, Oct-25, 2026
  28. How do spending limits work?, issuer, Nov-05, 2026
  29. Promotional Platinum offer, issuer, Nov-05, 2026
  30. How do I refer a friend?, issuer, Oct-25, 2026
  31. When will my physical card arrive?, issuer, Oct-25, 2026
  32. How do I add my Plasma One card to Apple Pay?, issuer, Oct-25, 2026
  33. Paymentscan: Plasma One, paymentscan, Oct-25, 2026
  34. Paymentscan on X (Oct-24, 2026 post: Plasma One passed 25M XPL cashback), paymentscan, Oct-25, 2026
  35. Fortune: Plasma raises $24 million from Framework, press, Oct-25, 2026
  36. The Block: Framework leads $20M Series A for Plasma, press, Oct-25, 2026
  37. The Block: Plasma blockchain to launch stablecoin-focused neobank, press, Oct-25, 2026
  38. I'm on the waitlist. What's next?, issuer, Oct-25, 2026
  39. Plasma reviews on Trustpilot (UK), trustpilot, Oct-25, 2026
  40. How does referral cashback work?, issuer, Oct-25, 2026

Something wrong or out of date? Report it with a source.