Peter Thiel-backed crypto startup quietly makes big move

Plasma, a blockchain startup building stablecoin infrastructure, has launched Plasma One, a neobank designed to make using digital dollars as simple as cash.

Fresh off a 7x oversubscribed ICO with $373 million in investment commitments, and with billionaire investor Peter Thiel among its early backers, Plasma is positioning itself as a one-stop shop for saving, spending, and sending stablecoins.

“The dollar is the product, and most of the world is desperate to access it,” said Paul Faecks, CEO of Plasma, in the launch statement. “Plasma One is our answer to the distribution problem as it puts us directly in the hands of people who face financial exclusion.”

Related: Peter Thiel-backed crypto stock crashes on shocking news

Unlike the fragmented wallets and exchange interfaces common in crypto, Plasma One integrates core financial services into a single app. Users can:

Spend directly from stablecoin balances while earning double-digit yields. Earn up to 4% cash back with physical or virtual cards, usable at 150 million merchants across 150 countries. Transfer digital dollars instantly and for free within the app. Onboard in minutes, receiving a virtual spending card right away.

The company says its focus is emerging markets where access to dollars is most critical, with localized support and peer-to-peer cash network integrations.

Plasma One will also serve as a proving ground for Plasma’s full stack, which spans its own blockchain, payment rails, and applications. The company claims more than $2.5 billion in stablecoin TVL at launch and plans to roll out access in stages ahead of its mainnet beta on September 25.

“APIs and SDKs may empower developers, but people still need a product they can open, trust with savings, and use in daily life,” said Murat Firat, Head of Product at Plasma.

Peter Thiel is a billionaire entrepreneur, venture capitalist, and co-founder of PayPal and Palantir Technologies. He was the first outside investor in Facebook, turning a $500,000 stake into over $1 billion. Thiel has become one of Silicon Valley’s most influential figures.

This story was originally reported by TheStreet on Sep 22, 2025, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.

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