The Plasma One Card earns 2-10% XPL cashback on a Visa debit card with a $0-$199/yr or XPL lock fee, available in 150+ countries + 31 US states.
Plasma is a stablecoin-focused Layer 1 blockchain with a native token XPL, backed by Bitfinex and Founders Fund. Its mainnet beta and XPL token launched on September 25, 2025 with more than $2 billion in stablecoin liquidity at launch and integrations with DeFi protocols including Aave and Ethena.
The Plasma One Card is a crypto debit card offered by Plasma, available in 150+ countries + 31 US states. It offers 2-10% XPL cashback across 3 reward tiers, giving users the ability to earn higher rates as they increase their commitment. The annual fee starts at $0-$199/yr or XPL lock.
It is a strong fit for privacy-conscious users who want to keep custody of their keys while spending. Its cashback rate sits in the top tier among crypto cards we track. It runs on the Visa network and requires full identity verification.
New to crypto cards? Read our complete buyer's guide to understand fees, rewards, and how to choose. Concerned about privacy? See our KYC vs non-KYC comparison. Compare more options in our best crypto cards in the US guide. See where it ranks among the best crypto debit cards.
| Tier | Rate | Requirement |
|---|---|---|
| Lite | 2% | Free or a regional price shown in the app. Base cashback steps down by monthly spend: 2% on the first $500/mo, 0.1% above $500; 1 virtual card (fee depends on region) |
| Core | 3% | $199/yr or 20,000 XPL locked 12 months. Base cashback steps down by monthly spend: 3% on the first $1,000/mo, 2% on the next $1,000, 1% on the next $1,000, 0.25% above $3,000; AI merchant spend earns 5% on its first $250/mo, 4% on the next $250 and 1% above $500 in place of the base rate |
| Platinum | 4% | 100,000 XPL locked 12 months. Base cashback steps down by monthly spend: 4% on the first $3,000/mo, 3% on the next $7,000, 2% on the next $5,000, 1% above $15,000; AI spend earns 10% on its first $500/mo, 5% on the next $500 and 1% above $1,000 in place of the base rate; airline spend earns 10% up to $300 of cashback semi-annually |
On $500/mo spend, the estimated monthly cost breakdown for Plasma One Card is: gas $0.00, conversion spread $0.00, flat transaction fees $0.00, and amortised card/tier fee $0.00, for a total drag of 0% of spend. After $5.00/mo cashback that nets a gain of about $5.00/mo ($60.00/yr). Plasma One Card tops up from a centralized balance, so there is no on-chain gas cost regardless of how often you reload. This card bills in USD. Spending in another currency adds a 2% FX fee; these figures do not include it. Figures are conservative estimates and vary with conditions.
Plasma One is the neobank arm of Plasma, a stablecoin-focused L1, and its defining trait is a closed token loop: cashback pays in XPL, and the paid tiers are unlocked primarily by locking XPL for 12 months in a vault with no early or partial unlock (Plasma does not support early unlock, partial refund, or pro-rata return of locked XPL). That makes the card less a spending product and more an XPL accumulation and lock vehicle. Bankless flagged the economics as strained at launch: Platinum requires locking 100,000 XPL (about $12,000 at the time of coverage) against an advertised $10,000+ annual value, roughly three quarters of which assumes about $187,500 of annual spend.
The mechanics buried in the terms matter more than the headline rates. Cashback accrues as a USD amount but is paid in XPL at the XPL/USD price at payout (one reviewer observed weekly Thursday payouts in testing), so a falling XPL price silently erodes realized cashback. Rates also step down across bands of monthly qualifying spend, monthly caps apply on some tiers (Plasma keeps the amounts in its Help Center, so they can change), and ATM withdrawals, P2P transfers, crypto purchases, and gambling are excluded entirely. The advertised 2-10% range is real only if you read 2-4% as the tier base rates and 10% as the AI merchant category on Platinum; airline cashback is likewise 10% but capped at $300 of cashback every six months.
It is a genuinely self-custodial Visa (on-device key generation, and Plasma states it does not custody your assets), issued by Rain, a Visa Principal Member, with account services via Bridge, and usable in over 150 countries. Access is still invite-gated early access per the App Store listing, so treat everything as early and subject to change. Best suited to existing XPL holders who want yield plus spend utility on tokens they already intend to hold long term; a poor fit for anyone wanting a simple stablecoin debit card without token exposure.
Real user feedback is thin and early: this is an invite-gated product that went live mid-June 2026, so most circulating "reviews" are affiliate or SEO articles rather than user reports. The most concrete first-party signal is the iOS App Store, rated 4.2/5 across only 61 ratings, where positive reviews cite a fast, seamless crypto-to-spend experience while negative reviews describe KYC and onboarding friction (locked address fields blocking required entry), support rejecting applications without investigating an acknowledged UI bug, and support asking users to reset accounts rather than fix issues [1]. Beyond that, one third-party review measured the Earn vault near 3.9% APY in testing and observed cashback paying out weekly on Thursdays, but these are reviewer observations, not aggregated user sentiment [2]. No substantial Reddit or Trustpilot complaint volume had surfaced as of this date, consistent with a small, invite-gated user base.
Updated 2026-10-24
Note: Stablecoin-native neobank. Three-tier membership relaunched June 12, 2026 (Lite/Core/Platinum); card went live with the new structure via Rain (Visa license) around June 17, 2026. Lite is free or a regional price shown in the app, with 2% XPL cashback on the first $500/mo and 0.1% above. Core is $199/yr or 20,000 XPL locked for 12 months for 3% base and 5% on the first $250 a month of AI spending, includes ChatGPT Go. Platinum locks 100,000 XPL for 12 months for 4% base (stepping down by monthly spend), 10% on the first $500 a month of AI spending and 10% on airline spend up to $300 of cashback semi-annually, bundles Claude Pro + ChatGPT Plus and travel perks, and earns a boosted 5% yield on the first $500,000 of balance. Core cards are Visa Signature; Platinum cards are Visa Infinite. Cashback paid in XPL token (volatile, USD value depends on price at payout). Plasma advertises yield on stablecoin balances inconsistently: its personal page shows "up to 6%" in one section and "up to 5% per year" in its balance chart, and the Lite and Core pages show up to 5% (variable; and 10%+ via DeFi protocols like Aave through Vault Operators; not guaranteed). Supports USDT, USDC, USDS. iOS and Android apps live (Android launched July 14, 2026). Seven-day free Core membership window from launch. US residents of 31 supported states can sign up (Plasma help centre, updated May 11, 2026); their card runs under separate U.S. Consumer Card Terms as a collateralized credit card account issued by Third National, with no annual fee and a 1% international transaction fee, while the international card is issued by Rain and its terms ask holders to attest they are not US citizens. Plasma One is not offered in Cuba, Iran, North Korea, Russia, Syria, Ukraine or Venezuela. Targets emerging markets (Turkey, Argentina, Africa). Virtual + physical with Apple Pay/Google Pay. 2.5B XPL (25% supply) team/investor unlock begins July 2026. Core base cashback steps down by monthly spend: 3% on the first $1,000, 2% on the next $1,000, 1% on the next $1,000, 0.25% above that; AI merchant spend earns 5% on its first $250 a month, 4% on the next $250 and 1% above $500, in place of the base rate. Core free-for-6-months promo ended Jul 21, 2026. CORRECTION (2026-10-24): Plasma's cashback bands help article (18 September 2026) gives Platinum base cashback of 4% to $3,000, 3% on the next $7,000, 2% on the next $5,000 and 1% above; AI cashback of 10% on the first $500, 5% on the next $500 and 1% above $1,000; and airline cashback of 10% up to $300 semi-annually. The $1,000/mo Platinum cashback cap recorded earlier appears on none of the bands article, the Platinum help article or the Platinum page, so it was removed. The Platinum help article itself describes airline cashback as monthly on the first $500, which conflicts with the semi-annual wording. Plasma's Rewards Addendum (effective 26 September) says Lite is free with no subscription or XPL lock, while the Lite help article says pricing depends on region. A targeted 20% Travel Cashback Boost capped at $50 runs under terms effective 9 October 2026. VERIFICATION GAP (2026-10-11): Plasma's help centre lists Platinum base, AI and airline cashback as separate spend bands, so the combined Platinum requirement, including its $1,000/mo cashback cap, is not confirmed from one statement. Lite's annual cost is shown in the app for each region and cashback runs in per-tier bands, so neither the annual fee nor the overall cashback range is stated as a single value.
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The Plasma One Card is a crypto debit card offered by Plasma. It is available in 150+ countries + 31 US states and allows users to spend cryptocurrency at merchants worldwide.
The Plasma One Card offers 2-10% XPL cashback. There are 3 tiers: Lite (2%), Core (3%), Platinum (4%).
The Plasma One Card has an annual fee of $0-$199/yr or XPL lock. Additional fees: FX fee: Lite: 1% Plasma FX markup plus Visa network FX fee of about 1%; Core: 0.5% Plasma FX markup plus Visa network FX fee of about 1%; Platinum: 0%, converts at the Visa exchange rate with nothing added; ATM: $2 + 2% (physical only; up to $1,000 per withdrawal, 3 a day).
Supported assets include USD stablecoins (local-currency deposits auto-converted to dollar stablecoins); top-up methods include In-app multi-currency deposit converted to USD stablecoins.
Yes. The Plasma One Card requires full identity verification (KYC): expect to submit a government-issued ID, and often proof of address, before the card is issued.
The Plasma One Card is available in 150+ countries + 31 US states. US residents of 31 supported states get a separate card: a secured credit card issued by Third National under Plasma's U.S. Consumer Card Terms, with no annual fee and a 1% international transaction fee. Its rewards follow Plasma's Rewards Addendum, so the tiers and rates shown here, which are those of the international debit card, are not confirmed for the US card.
The Plasma One Card is a debit card. You need to load cryptocurrency onto the card before making purchases.
Yes, the Plasma One Card is a non-custodial (self-custody) card. This means you retain control of your private keys and your crypto is not held by a third party. Funds are only converted at the point of sale, reducing counterparty risk compared to custodial alternatives.
Yes, the Plasma One Card supports Apple Pay and Google Pay for contactless payments.
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