Plasma One

Plasma One is a stablecoin neobanking account with multiple Visa card tiers, local-currency funding rails, cashback and an integrated Earn balance.

The Plasma One card is available across three tiers: Lite, Core and Platinum. The Core and Platinum tiers provide notable benefits for eligible AI purchases.

Onboarding took us approximately 10 minutes. Identity verification was completed through Sumsub, with additional verification through Bridge and Persona when opening cash-deposit accounts. Once approved, the virtual card was added automatically to Apple Pay.

Each Plasma One tier uses a stepped cashback structure rather than applying each tier’s headline rate to unlimited spending. Cashback is rewarded in XPL, allowing users to either convert it to their USD balance, or lock it to access higher card tiers.

Enhanced cashback applies to eligible AI spending for Core in addition to airline spending for Platinum.

Plasma One does not charge fees for stablecoin or bank deposits. Card FX markups and bank-withdrawal fees depend on the user’s membership tier.

Foreign exchange

Plasma applies the following markup to purchases made outside of USD:

• Lite: 1%
• Core: 0.5%
• Platinum: No additional Plasma markup

In our foreign-currency purchase test outside USD, the Lite card worked without issue. We observed an approximated 2.3% difference against the public reference exchange rate available at the time.

This was higher than Plasma’s 1% Lite markup alone, indicating that the fee included the card network's FX rate at the time of conversion.

Annual fees

• Lite: Free
• Core: $199 or 20,000 XPL lock for 12 months
• Platinum: 100,000 XPL lock for 12 months

Bank withdrawals

Bank-withdrawal fees decrease at higher tiers:

• Lite: 0.75% to 1%
• Core: 0.25% to 0.35%
• Platinum: Less than 0.1%

Funding

Plasma One supports stablecoin deposits, XPL deposits and Bridge-powered cash deposits.

• USDT through Plasma, Ethereum, Solana, Tron, Optimism, Polygon, BNB Smart Chain, Arbitrum and HyperEVM
• USDC through Ethereum, Solana, Base, Optimism, Polygon, Arbitrum and Robinhood Chain
• XPL through the Plasma network

Users can deposit fiat currencies via Bridge-powered rails, which will be converted into the user's USD balance:

• USD through ACH or domestic wire
• EUR through SEPA
• GBP through Faster Payments
• MXN through SPEI

AI and subscription benefits

Core and Platinum provide enhanced cashback at supported AI merchants.

At the time of review, eligible merchants included:

• OpenAI
• Anthropic
• Cursor
• ElevenLabs
• Lovable
• Replit
• DeepSeek
• Perplexity
• Notion AI
• OpenRouter

Core’s AI cashback follows a stepped structure:

• 5% on the first $250 of eligible monthly AI spending
• 4% on the next $250
• 1% above $500

Core also includes a ChatGPT Go subscription worth approximately $100.

Platinum increases eligible AI cashback to 10% and includes ChatGPT Plus and Claude Pro subscriptions.

• 10% cashback on eligible AI spending
• Up to $1,400 in annual AI cashback
• ChatGPT Plus subscription benefit, valued at $250 per year
• Claude Pro subscription benefit, valued at $250 per year

Travel and protection benefits

Core includes:

• 1GB global eSIM
• Car-rental insurance
• 24/7 Visa concierge
• Purchase protection up to $10,000
• Extended warranty protection up to $10,000
• Price protection up to $2,000
• Priority support

Platinum includes:

• Airport lounge access
• 3GB global eSIM
• Car-rental insurance
• Travel insurance
• Baggage-delay coverage
• Lost-luggage coverage
• 24/7 Visa concierge
• Purchase protection up to $20,000
• Extended warranty protection up to $25,000
• Price protection up to $4,000
• VIP support

Platinum also provides 10% cashback on eligible airline purchases, capped at $600 per year.

Physical and virtual cards

The available card formats depend on the membership tier:

• Lite: One free virtual card
• Core: Up to two virtual cards and one physical card
• Platinum: Up to three virtual cards and a 16-gram metal card

The Plasma One Card is issued by Rain as a Visa Principal Member.

Earn

Plasma One includes an integrated Earn balance for stablecoins that are not currently being used for spending. At the time of testing, the app displayed:

• Earn rate: 4.34% APY
• Lockup: None
• Withdrawals: Funds could be returned to the Cash balance at any time

Plasma One’s Earn feature provides access to third-party DeFi vault infrastructure. Stablecoins are allocated through Veda vaults into lending markets such as Aave, where yield is generated by borrowers.

Plasma One offers a broad stablecoin-card product, combining self-custodial balances, local-currency funding, cashback, yield and premium card benefits inside one app.

Lite is most competitive for users spending up to $500 per month. It has no annual fee and earns 2% cashback across that initial spending band. However, cashback falls to 0.1% above $500, while its 1% FX markup makes it less attractive for international users.

Core is the most balanced option for regular users, particularly those who already spend on AI subscriptions and tools. It offers 3% cashback on the first $1,000 of ordinary monthly spend, enhanced AI cashback, lower fees and additional card benefits. The $199 annual price means users need to spend consistently, with the AI benefits substantially reducing effective cost.

Platinum provides the strongest rewards, with 4% base cashback, 10% on eligible AI and airline spending, premium travel protections and no additional FX markup. However, locking 100,000 XPL for 12 months is a significant commitment, even with extensive benefits subsidizing the effective cost.

Overall, Lite is best for modest everyday spending, Core is best for regular AI users and medium spenders, and Platinum is best suited to users who can take advantage of the higher cashback and premium travel benefits.