Plasma
Plasma operates a Layer-1 blockchain purpose-built for stablecoin payments, offering zero-fee USDT transfers, DeFi integrations, and the Plasma One neobank app with a Visa card accepted in 180+ countries for consumers and businesses globally.
- Company typePrivate
- Founded2024
- HeadquartersLondon, United Kingdom
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
What Plasma does
Plasma is a London-based fintech that operates a Layer-1 blockchain purpose-built for stablecoin payments, with a particular focus on USDT. Founded in 2024 and backed by Tether, Founders Fund, Bitfinex, and Framework Ventures, Plasma launched its mainnet on September 25, 2025, attracting $2 billion in TVL across more than 100 DeFi protocols on day one. The network uses HotStuff BFT consensus with native UTXO support and EVM compatibility, enabling zero-fee USDT transfers anchored to Bitcoin's security model — a positioning explicitly designed to challenge Tron's USDT settlement dominance.
The company monetizes through a vertically integrated stack: a consumer and business neobank app (Plasma One), a Visa card issued by Rain and accepted in 180+ countries, and B2B payment rails distributed via MassPay (230+ countries), Zerohash, Oobit (100M+ Visa merchants), and others. Revenue streams include card interchange, FX spreads, yield capture via integrated DeFi protocols (Aave, EtherFi, Binance Earn), and the XPL native token used for cashback, staking, and tier benefits. Plasma One offers tiered subscriptions (Lite, Core, Platinum) with up to 4% cashback and up to 6% yield on stablecoin balances.
Plasma's go-to-market combines product-led growth through the self-serve iOS app with channel partnerships across payments (MassPay, Zerohash, Oobit), DeFi (Aave, EtherFi, Maple, Wildcat, Fluid, Binance Earn), and infrastructure (Bridge, Ramp, Fireblocks, Privy, Elliptic, Chainalysis Hexagate). Founded around 2024 and headquartered in London, the company has raised roughly $900M+ across seed, Series A, and token sales, making it one of the most capitalized stablecoin infrastructure plays in market.
Plasma firmographics
Firmographics- Name
- Plasma
- Legal name
- Plasma
- Website
- https://plasma.to
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Plasma operates a Layer-1 blockchain purpose-built for stablecoin payments, offering zero-fee USDT transfers, DeFi integrations, and the Plasma One neobank app with a Visa card accepted in 180+ countries for consumers and businesses globally.
- Ownership category
- akta.pro rank
Plasma industry classification
Industry- Product category
- Stablecoin Banking and Payment Infrastructure
- akta.pro primary industry
- Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB)
- akta.pro secondary industries
- Stablecoin Payment Rails & Settlement Networks (Issuer-Led) (FSADADAF), Stablecoin Protocols (Decentralized) (FSADAMAD), Stablecoin Issuers (Fiat-Backed) (FSADADAA)
Keywords
Where Plasma is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
Plasma business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Card Interchange Fees: Revenue generated from Visa card interchange fees when users spend stablecoins at merchants globally.
- FX Spreads: Revenue from foreign exchange spreads when users convert between local currencies and stablecoins.
- Yield Capture: Revenue from capturing yield generated through DeFi lending protocols accessed via Plasma One earn feature.
- XPL Token: Native token of the Plasma Network used for cashback rewards, staking for card tier benefits, and accessing premium features.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Lite tier - Basic stablecoin banking with cashback and free transfers |
| Subscription | Monthly | Core tier - Enhanced features with higher yield |
| Subscription | Monthly | Platinum tier - Premium tier with maximum rewards requiring XPL token holding/locking |
| Other | Pay-as-you-go | Zero-fee transfers on Plasma Network |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels5 records
Plasma product offering
Product offeringCore offering
Plasma operates a Layer 1 blockchain (Plasma Network) purpose-built for stablecoin payments, featuring zero-fee USDT transfers, EVM compatibility, and Bitcoin-anchored security. On top of this network, Plasma offers Plasma One, a stablecoin neobanking app with a Visa card accepted in 180+ countries, enabling consumers and businesses to spend, send, and earn with digital dollars.
Product overview
Plasma is a London-based fintech company offering a vertically integrated financial stack for stablecoins, consisting of two primary products: Plasma One (the consumer and business-facing neobanking app) and Plasma Network (the underlying Layer 1 blockchain infrastructure). Plasma One is a flagship stablecoin banking application available in Personal and Business tiers, enabling users to spend, send, and earn with digital dollars through a Visa card, cross-border transfers, and on-chain yields. Plasma Network is the proprietary blockchain that powers Plasma One, providing EVM-compatible smart contract capability with Bitcoin-anchored security for zero-fee USDT transfers. The XPL token supports the ecosystem through governance and rewards. Together, these products create a vertically integrated stack covering blockchain infrastructure, payments, licensing, and consumer distribution.
Differentiator
Problem solved
Functional benefit
Brands
- Plasma One: Stablecoin-native neobank app enabling users to spend, send, and earn with stablecoins from a single account with zero fees, featuring a Visa card accepted in 180+ countries
Products and services
- Plasma One Personal Plasma One Personal is the consumer tier of the Plasma One neobank app, enabling individual users to spend, send, and earn with digital dollars from a single account. It includes a Visa card accepted in 180+ countries, zero-fee cross-border transfers, up to 6% yield on stablecoin balances, multi-currency funding with local rails, and AI-focused cashback tiers paid in XPL tokens.
- Plasma One Business Plasma One Business is the business tier of the Plasma One neobank app, targeting business payments with stablecoin payout solutions across 230+ countries. It provides near-instant settlement, compliance features, and is designed for marketplaces, gig platforms, and international businesses needing efficient cross-border payouts.
- Plasma Network Plasma Network is a purpose-built Layer 1 blockchain designed for stablecoin payments, providing fast, reliable, and low-cost transaction infrastructure at global scale. It is EVM-compatible and supports Ethereum-compatible smart contracts while leveraging Bitcoin-anchored security and zero-fee USDT transfers.
Quantifiable outcome
- Zero-fee USDT transfers replacing traditional payment rails
- +3 more outcomes
Companies that use Plasma
Customer profileNamed customers6 records
Segments4 records
Ideal customer profiles4 records
Plasma technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration12 records
Feature6 records
Plasma partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core and major.
- RaincoreVisa Principal Member issuing Plasma One cards. Rain enables Plasma to offer physical and virtual Visa cards accepted in 180+ countries for stablecoin spending.
- BridgecoreGlobal account services powered by Bridge for Plasma One. US residents served by Bridge Building Inc.; EEA residents by Bridge Building Sp. Z.o.o.; all other residents by Bridge Building Limited.
- Hadron (Tether)majorHadron's tokenization platform announced support for issuing tokenized real-world assets on Plasma, enabling compliant on-chain asset management and regulated tokens representing securities or funds.
- OobitmajorPartnership enabling users to spend stablecoins at over 100 million Visa merchants worldwide using Plasma's stablecoin infrastructure and DePay's decentralized payment layer.
- MassPaymajorIntegration enabling MassPay customers to send USDT payouts on Plasma across 230+ countries with near-instant payouts and minimal fees, targeting marketplaces, gig platforms, and international businesses.
- ZerohashmajorPartnership enabling expanded stablecoin payments and cross-border transactions through Plasma's blockchain, facilitating real-time payroll, remittances, merchant payments, and B2B settlements globally.
- TethercoreTether launched its own Layer-1 blockchain Plasma in 2025. Tether is the parent company behind the world's largest stablecoin USDT, with over $280 billion in total supply. Hadron tokenization platform supports issuing tokenized real-world assets on Plasma.
- AavecoreIntegration with Aave DeFi protocol for lending and borrowing functionality within Plasma's stablecoin ecosystem, providing users with collateral options and yield products.
- EllipticmajorCompliance infrastructure partnership providing regulatory compliance, security, and trust for Plasma's global stablecoin ecosystem expansion.
- EtherFimajor$500M ETH vault integration making Plasma a day-one launch partner for EtherFi's mainnet beta. EtherFi is the sixth-largest DeFi protocol with over $11B in TVL.
Scale indicators9 records
Recent moves6 records
Expansion highlights6 records
Plasma competitors and assessment
Company assessmentDirect peers
- Rain: Rain is a Visa Principal Member issuing crypto-linked Visa cards in 150+ countries and is Plasma One's card issuance partner. It is a direct peer in the crypto-card and stablecoin spend category.
- Tron: Tron is the dominant Layer 1 blockchain for USDT settlement and the primary competitor Plasma is positioning to displace. Both chains compete on stablecoin transfer costs and liquidity depth for the world's largest stablecoin.
- Stellar: Stellar is a payments-focused Layer 1 blockchain targeting cross-border transfers and stablecoin issuance. It is a direct comparable in the stablecoin payments and remittance rails category where Plasma operates.
- Celo: Celo is a mobile-first, EVM-compatible Layer 1 blockchain purpose-built for stablecoin payments and emerging-market use cases. It is highly comparable to Plasma's mobile-first, stablecoin-native consumer strategy.
- Ripple (XRP Ledger): Ripple and the XRP Ledger focus on cross-border payments and stablecoin settlement, with RLUSD recently launched. It competes with Plasma for institutional and remittance payment corridors.
- Base (Coinbase): Base is Coinbase's Layer 2 network rapidly gaining share in stablecoin issuance and on-chain payments. It competes with Plasma for stablecoin payment volume, DeFi liquidity, and consumer adoption.
Broad incumbents
- Circle: Circle is the issuer of USDC, the second-largest stablecoin, and operates Arc, its own Layer 1 blockchain for stablecoin finance. It competes with Plasma across stablecoin issuance, payments, and infrastructure.
- Stripe (Bridge): Stripe acquired Bridge for stablecoin API infrastructure and is launching Tempo, a payments-focused Layer 1. It is a broad incumbent moving aggressively into the same stablecoin payments opportunity Plasma targets.
- PayPal: PayPal launched PYUSD stablecoin and offers integrated crypto/stablecoin payments to its 400M+ user base. It is a broad incumbent competing across consumer stablecoin wallets, payments, and merchant acceptance.
Emerging players
- Tempo: Tempo is Stripe's recently announced payments-focused Layer 1 blockchain, currently in development. It targets the same stablecoin payment infrastructure opportunity as Plasma with significant corporate backing.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Plasma social profiles
Digital presencePlasma financial estimates
Financial estimateRevenue estimate
Valuation estimate
Plasma leadership team
Management profileNumber of profiles
Profiles2 records
Plasma funding detail
Funding detailFunding overview
Funding rounds3 records
Investors16 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Plasma M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Plasma
What does Plasma do?
Plasma operates a Layer 1 blockchain (Plasma Network) purpose-built for stablecoin payments, featuring zero-fee USDT transfers, EVM compatibility, and Bitcoin-anchored security. On top of this network, Plasma offers Plasma One, a stablecoin neobanking app with a Visa card accepted in 180+ countries, enabling consumers and businesses to spend, send, and earn with digital dollars.
Is Plasma a public or private company?
Plasma is a private company. It is classified as venture growth investor backed and is currently operating.
When was Plasma founded?
Plasma was founded in 2024. It employs 11 to 50 people.
Where is Plasma based?
Plasma is headquartered in London, United Kingdom, in the Europe region.
How does Plasma make money?
Four revenue lines are on record. Card Interchange Fees are the primary driver. The others are FX Spreads, yield Capture and XPL Token.
Who are Plasma's main competitors?
Direct peers on record are Rain, Tron, Stellar, Celo, Ripple (XRP Ledger) and Base (Coinbase). Broad incumbents are Circle, Stripe (Bridge) and PayPal. Tempo is listed as an emerging player.
Does Plasma have an API?
No public API is recorded for Plasma.
What industry is Plasma in?
Plasma's product category is Stablecoin Banking and Payment Infrastructure. Its primary akta.pro industry code is FSAPAEAB, Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption), with a secondary code of FSADADAF, Stablecoin Payment Rails & Settlement Networks (Issuer-Led).