Crypto Bank

Plasma

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 <li>Plasma has raised nearly $2.5B across multiple sales, vaults, and exchange products, making it the most aggressive “savings protocol” project of 2025.</li>
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 <li>The launch of Plasma One positions Plasma as a global crypto banking app, blending stablecoin payments with high-yield savings and card-based rewards.</li>
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 <li>Backed by Founders Fund and Bitfinex, Plasma’s success hinges on the stability of its upcoming mainnet and whether XPL can achieve its 1:1 USDT parity vision.</li>
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<h2 class="p1" id="market-controversy-and-the-blast-connection">MARKET CONTROVERSY AND THE BLAST CONNECTION</h2>
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This afternoon, crypto KOL “Crypto Fearless” revealed that the Plasma team shares significant overlap with members of the now-defunct Blast project. According to him, the team lacks real experience in payments or stablecoins, and Plasma’s model resembles Blast’s playbook: pick a hot sector, attract deposits aggressively, and eventually issue a token. After founder Pacman fell out with the original Blast team, several key members regrouped to launch Plasma. The revelation quickly stirred market discussions.
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At the same time, Plasma’s official channels unveiled a bold new initiative: Plasma One, a stablecoin-native financial application promising over 10% yields on deposits and up to 4% cashback on spending. The product aims to reach 150+ countries and regions worldwide. With backing from Peter Thiel’s Founders Fund and Bitfinex, led by Tether CEO Paolo Ardoino, Plasma’s ambition to build a crypto-native bank has become unmistakably clear.
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The announcement coincides with Plasma’s scheduled September 25 TGE, adding further intrigue to the project’s trajectory.
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<h2 class="p1" id="a-fundraising-frenzy-and-the-race-to-tge">A FUNDRAISING FRENZY AND THE RACE TO TGE</h2>
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In recent months, Plasma has positioned itself as one of the hottest names in the “savings protocol” narrative, rivaling even the Trump family’s WLFI project in public attention. Its fundraising spree reads like a frenzy: • June 9: A $500M public sale sold out within minutes. • June 12: Another $500M tranche was fully subscribed in just half an hour. • July 17–28: The XPL token sale raised $373M, oversubscribed by more than 7x. • August 20: Binance’s first $250M Plasma fixed-term product was sold out instantly. Due to soaring demand, the quota was raised to $1B, with each round gone within minutes. • By August’s end, USD.AI joined as a partner, raising its deposit cap from $110M to $160M. • September 16: Plasma partnered with Maple Finance to launch a $200M syrupUSDT pre-deposit vault, offering exclusive XPL rewards.
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Altogether, Plasma attracted nearly $2.5B in deposits and TVL. On September 18, it confirmed the long-awaited TGE date: September 25. Alongside the token launch, Plasma’s mainnet beta will go live, aiming to become the eighth-largest stablecoin blockchain with $2B in initial liquidity deployed across Aave, Ethena, Fluid, Euler, and more.
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Yet, instead of unveiling final token details, the team surprised the market with the launch of Plasma One—a stablecoin-native super-app promising to “bring the world on-chain” and ultimately evolve into a new global bank.
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<h2 class="p1" id="plasma-one-the-sleepless-crypto-bank">PLASMA ONE: THE SLEEPLESS CRYPTO BANK</h2>
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For years, the crypto industry has wondered: when will a true “crypto bank” emerge, unshackled from traditional finance? Plasma now offers its answer: Plasma One.
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The app blends stablecoin payments with high-yield savings and global card services: • “Stablecoin savings”: deposits earn over 10% APY while remaining spendable. • “Cashback on spending”: up to 4% returns when using Plasma One’s virtual or physical card. • “Global reach”: coverage in 150+ countries and acceptance by over 150M merchants. • “Zero-fee transfers”: free remittances to individuals and businesses. • “Instant onboarding”: sign-up and card issuance within minutes, bypassing traditional banking hurdles.
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At launch, Plasma One will target regions with strong dollar demand, including Turkey, Argentina, and the UAE. Whether used for daily transactions, business payments, or simply savings, the product’s value proposition is straightforward: money that never sleeps. And with Plasma’s backing from PayPal-linked investors and Tether’s leadership, the leap into PayFi feels almost inevitable.
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<h2 class="p1" id="talent-backers-and-the-test-ahead">TALENT, BACKERS, AND THE TEST AHEAD</h2>
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As its mainnet approaches, Plasma has been bolstering its team. Recent hires include Murat Firart as Head of Product, Adam Jacobs—former Global Head of Payments at FTX—as Head of Payments, and Usmann Khan as Head of Protocol Security. The broader team spans growth, capital, DeFi, and legal expertise, despite skepticism about its Blast origins.
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Pre-market trading reflects growing anticipation. XPL is currently priced at $0.82, with $93.6M in 24-hour volume on Hyperliquid. The release of Plasma One has buoyed sentiment, but the real test lies ahead: the stability and adoption of Plasma’s mainnet. If the network succeeds, the vision of 1 XPL = 1 USDT may no longer be a distant target.
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For now, Plasma’s ambition is unmistakable: to turn its “chain + app + token” flywheel into the foundation of the first truly global crypto bank.
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〈<a href="https://www.coinrank.io/crypto/plasmas-ambition-from-stablecoin-blockchain-to-a-crypto-bank/" rel="noopener noreferrer nofollow">Plasma’s Ambition: From Stablecoin Blockchain to a Crypto Bank</a>〉這篇文章最早發佈於《<a href="https://www.coinrank.io" rel="noopener noreferrer nofollow">CoinRank</a>》。

Plasma’s Ambition: From Stablecoin Blockchain to a Crypto Bank

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