Building a stablecoin-native neobank from the ground up with Plasma One
How Privy helps Plasma drive a 90% return spender rate
Debbie Soon
|Jun 25, 2026
Plasma One is a stablecoin-native financial account.
Users can access dollars, deposit stablecoins, send money globally, spend with a card, earn rewards, and manage their account from one product. Plasma’s network powers fast, reliable transfers. Privy powers the embedded wallet layer behind each account.
Since launch, 90% of users who make their first card transaction come back and spend again. Plasma One also became the fastest stablecoin card to reach $1M in verifiable onchain spend, hitting that mark in just 45 days. That speed starts with an experience where wallets, yield, and spending all feel like the same product, because they are.
Stablecoins are useful when they feel like money.
Users can fund their account, hold dollars, send money globally, spend with the Plasma card, earn cashback on eligible purchases, and withdraw when needed. This is all built on Plasma’s network purpose-built for stablecoin payments.
Plasma One is the first product built on top of that network. Users can deposit stablecoins, access dollars, send funds instantly, earn yield on eligible balances, and spend globally through a Plasma card, all from a single account.
By building both the network and the product, Plasma can optimize the entire experience end-to-end. Plasma One serves as both a consumer application and an exemplary test of the infrastructure underneath it, helping shape the financial network Plasma believes will power the next generation of internet-native money movement.
Where Privy comes in
At the center of the Plasma One experience is a wallet. Every balance, payment, transfer, and card transaction is powered by a user's wallet, making it the account layer underlying the entire product experience.
Plasma needed wallet infrastructure capable of supporting a full financial system while remaining invisible to end users. Rather than treating wallets as a separate crypto feature, the team wanted them to function as the foundation for holding, moving, spending, and earning on digital assets.
Privy's embedded wallet infrastructure enables Plasma One to create and manage secure wallets for every user, providing the foundation for the broader financial experience built on top.
With Privy powering wallets behind the scenes, Plasma can focus on building the products and services that make stablecoins useful as everyday money. The result is a spending experience with no friction between earning yield and using funds, which is what drives users back.
"Privy was the obvious choice for us. The team ships incredibly fast, the product is reliable, and they're building toward the same future we are. We wanted a partner that could move at our pace and support the foundation of the financial experience we're creating."
Paul Faecks, CEO of Plasma
Why users keep coming back
Plasma One has surpassed $10M in verifiable onchain card spend. A 90% return spender rate is unusual for any financial product, let alone one built on new rails. This initial success reflects several deliberate design choices:
No idle-or-spend tradeoff. Users earn yield on their balance continuously, even as they spend from it. There is no separate savings account to move funds into or out of.
Zero-fee global transfers. Sending dollars anywhere costs nothing on Plasma's network, removing a common reason users leave for alternatives.
Instant onboarding. Users move from downloading the app to funded account in minutes. Privy creates and secures the user wallet without any seed phrases, extensions, or crypto-specific steps.
When the underlying infrastructure works, users stay because the product is simply better than what they had before.
What's next
Plasma One is already powering over $400K in daily card spend, on iOS alone, and support for Android is coming soon.
The team is focused on bringing more users onto the platform and continuing to refine the experience through Plasma One’s public beta.
While Plasma is building its own stablecoin-native financial network, the company believes the ultimate differentiator will be the product itself. Rather than looking to other crypto applications for inspiration, Plasma aims to deliver the reliability, simplicity, and user experience of category leaders like Revolut, Monzo, and Wise.
Users who join this week will get the Core tier free and access over $1,000 in value in their first year. Learn more and sign up here.
