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.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.