Plasma One went live on June 17, 2026. The company announced it directly on its official account: "Plasma One is live now. Join in the next 7 days and get the Core tier free for your first year." It is the public launch of a self-custodial Visa we have tracked toward this date: one where your own stablecoin wallet holds the funds you spend, rather than an exchange holding them for you.
Plasma One is the consumer product from Plasma, a layer-1 chain built specifically for stablecoin payments. The launch puts three tiers in front of users at once, with a time-boxed offer aimed at early adopters.
This piece covers the launch itself and the early-user offer. For the full tier-by-tier breakdown, fee tables, and our hands-on review, see our Plasma One review.
The launch at a glance
The lineup ships in three tiers, Lite, Core, and Platinum, and they share the same foundation: a self-custodial smart wallet on the Plasma chain, Visa rails, cashback paid in the chain's XPL token, and an in-app Earn vault for yield on idle balances.
The card is issued by Rain, a Visa Principal Member, with account services through Bridge. At launch it is virtual, with Apple Pay at activation. It is iOS-first, and Plasma says an Android app is arriving this month. The paid tiers add physical plastic: Core a standard card, Platinum a 16g metal Visa Infinite.
Your money stays in your wallet
Most crypto cards from exchanges are custodial. You deposit funds, the exchange holds them, and the card draws down a balance the company controls. If that company freezes withdrawals or fails, your balance waits in the queue with everyone else's. FTX and Wirecard are the reference points.
Plasma One inverts that. The stablecoins you spend stay in a wallet under your control until a transaction settles. Plasma does not custody the assets. The trade-off is the one that always comes with holding your own keys: your balance is not a bank deposit and is not FDIC insured.
The three tiers, side by side
Lite is free, with no annual fee and no token lock. It earns a flat 2% base in XPL, with no AI or airline boost, and foreign spend runs up to roughly 2% all-in (an up-to-1% network fee plus a 1% Plasma markup). It is the low-risk way to spend stablecoins from a self-custodial wallet.
Core lists at $120 a year, or a 10,000 XPL twelve-month lock. It pays 3% on the first $1,000 of monthly spend, tapering above that, plus 5% on AI purchases (the first $500 a month), and bundles a ChatGPT Go plan worth about $100 a year. Foreign spend is cheaper than Lite at roughly 1.5%, and it adds a physical card and priority support. There is no flat monthly cashback cap. The rate steps down by spend band instead.
Platinum has no cash price. Access is a 100,000 XPL lock for 12 months. In return: 4% base, 10% on AI spend, 10% back on eligible flights (up to $600 a year), bundled Claude Pro and ChatGPT Plus (around $500 a year of credits), a 16g metal card, airport lounge access, concierge and travel insurance, no Plasma FX markup, and a boosted, fixed 5% yield on the first $500,000 of balance.
The early-user offer, and one thing to know
The launch hook is the 7-day window: register now and Core is free for your first year, which Plasma values at over $1,000. If you spend on AI tools and would pay for ChatGPT anyway, that is a strong deal for twelve months.
One practical note the marketing skips: activating Core during the promo asks for a $100 deposit first. That is your own spendable card balance, not a locked fee or a cost. You can spend it like any other funds, but you do need it on hand to switch the tier on.
Rewards pay in XPL, not dollars
Every tier pays cashback in XPL, the native token of the Plasma chain, and that is the part to read with a clear eye. The payout itself is fast: in our testing cashback credited within about 48 hours of the transaction, so there is little token risk in the window between spending and receiving. The real exposure is what you do next: XPL has no fixed dollar value, so a 4% headline only stays 4% if the token holds while you hold it. If you would rather not take that bet, you can swap XPL to a stablecoin on receipt to lock the dollar amount, at the cost of a little gas.
The 100,000 XPL Platinum lock is a larger version of the same exposure. Locking a token to unlock card perks is a familiar mechanic, and the same caution that applies to CRO or PLU staking applies here: a token drop can erase the value of the perks you locked for. Size it as a year-long token position, not a fee.
Yield on the balance you are not spending
Idle stablecoin balances can be moved into an Earn vault that targets up to 5% variable yield with no lockup, withdrawable any time. At the time of our review the displayed rate was 3.93%, with the fixed 5% reserved for active Platinum holders. The return comes from on-chain lending markets rather than a bank paying interest, so it is variable, carries smart-contract risk, and is not guaranteed.
Availability
Plasma One states the card works anywhere Visa is accepted, across 150+ countries, with United States residents supported. It does not publish a full country list, so the practical answer is the one the app gives you at signup through KYC. The Earn vault is unavailable in New York State. SpendNode users can enter the code SPENDN in the app when creating an account.
The honest read
Lite is a free, self-custodial way to spend stablecoins with a small yield kicker, and the low-risk entry point. Core is the value pick for AI-heavy spenders, and the free-first-year window makes it an easy call if you already pay for an AI plan. Platinum is a bet on XPL as much as a card, and only fits holders comfortable locking six figures of token for a year. Whatever tier you pick, read the rewards terms before you treat any headline rate as cash.
Overview
Plasma One launched publicly on June 17, 2026 as a self-custodial Visa on the Plasma stablecoin chain, issued by Rain with account services from Bridge. It ships in three tiers: Lite is free at a flat 2%, Core is $120 a year (or a 10,000 XPL lock) at 3% plus 5% on AI spend with a bundled ChatGPT Go plan, and Platinum requires locking 100,000 XPL for 12 months for 4% base, 10% AI and flight cashback, travel perks, and a fixed 5% yield. A launch offer makes Core free for a year if you join within 7 days, though activation asks for a $100 deposit of your own spendable funds. The two things to weigh: rewards pay in XPL and carry token-price risk, and the Platinum lock is a year-long commitment, not a fee.
