Plasma, backed by Peter Thiel, launched Plasma One after a successful $373 million initial coin offering. The neobank offers permissionless access to saving, spending, and earning in dollars, with double-digit yields exceeding 10%. Targeting billions globally, the app integrates saving, spending, and sending functions, providing up to 4% cash back on purchases.

Plasma reported over $2.5 billion in stablecoin total value locked at launch, with a blockchain capable of processing over 1,000 transactions per second. The company aims for end-to-end optimization, refining its payment stack quickly through real-world use cases. Thiel’s involvement brings deep expertise in the financial technology sector to the project.

Plasma envisions a future where anyone can download the app, earn yield on savings, send money instantly, and spend globally with confidence. The company plans to roll out access to Plasma One in stages, scaling toward billions of users. The mainnet beta was launched on Sept. 25, marking a significant step for the neobank platform.

Read more at Yahoo Finance: Peter Thiel-Backed Plasma Quietly Debuts $373M Stablecoin Neobank Promising 10% Yields And Access Across 150 Countries