Plasma One Launch: The Neobank Promising 10% Yields and 4% Cashback
After its stablecoin blockchain goes live later this month, Plasma is getting ready to introduce its own neobank, Plasma One. According to its card, it would provide international coverage, a yield of more than 10% on balances, and 4% cash back on purchases. Users of Plasma One will have the option to load their favorite stablecoins—beginning with USDT and progressively growing—onto their cards. After that, they will be able to use a real or virtual card to make direct payments from this sum. Rain, the business that created the Avalanche Card and other prepaid credit cards, will issue the card, which will use the Plasma blockchain as its payment rails.
Stablecoins provide a fundamental, permissionless way to hold and move dollars anywhere. Plasma One is our answer to the distribution problem, as it puts us directly in the hands of people who face financial exclusion, delivering permissionless access to saving, spending, earning, and sending digital dollars.
Paul Faecks, CEO of Plasma
Plasma Blockchain Promises 0% Fees and 10% Yields on USDT
The Plasma blockchain is also working to provide the 0% fees on USDT transactions that Plasma One claims to give. Additionally, it asserts that there will be no lockup time needed and that users will be able to collect a dividend of over 10% on their stablecoin accounts. Decrypt was informed by a Plasma representative that the yield will come from Plasma’s DeFi ecosystem.
Plasma Prepares to Launch Neobank Following Mainnet Beta Rollout
It was reported last week that the blockchain focused on stablecoins will go into mainnet beta on September 25. Plasma will next get ready to launch its neobank in phases. The queue is now available for users to register on the Plasma website.
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