Plasma One is a Visa stablecoin card used with its app. Lite earns 2% on the first US$500 of monthly spending. Taiwan currently has virtual cards only. Compare it with other cards in the crypto card comparison. Fees and risks are covered in What to know before applying.
What is Plasma One? Company background
Plasma is a blockchain company focused on stablecoins. Its token is XPL, and Plasma One is its card and app. The company is headquartered in London, and its founder and CEO is Paul Faecks. Plasma raised a total of US$24 million across seed and Series A rounds led by Framework, Bitfinex, and USD₮0; Founders Fund also made a strategic investment in May 2025. A June 2026 press release said Plasma One had 5,000 weekly active users during its private testing period.
The card runs on Visa. Plasma One uses a secured account: your stablecoin balance acts as collateral for card spending, which uses part of your available credit. It is not a standard prepaid card.
You no longer need an invitation to apply. Your funds stay in your own wallet rather than being held by Plasma One, but they also serve as collateral and may be liquidated if required.
Plasma One rewards and ChatGPT credits: Lite, Core and Platinum
Plasma One has three tiers. You qualify through an annual fee or an XPL lock, not through monthly spending. Rewards are calculated in monthly spending bands and paid in XPL. Only eligible spending within each band earns that band’s rate; the highest rate does not apply to all monthly spending.
| Item | Lite | Core | Platinum |
|---|---|---|---|
| How to qualify | No XPL lock | US$199 annual fee, or lock 20,000 XPL for 12 months | Lock 150,000 XPL for 12 months, no annual fee |
| Base rewards (spending bands) | 2% on first US$500, then 0.1% | 3% on first US$1,000, 2% on next US$1,000, 1% on next US$1,000, then 0.25% | 4% on first US$3,000, 3% up to US$10,000, 2% up to US$15,000, then 1% |
| AI rewards | — | 5% on first US$250, 4% on next US$250, then 1% | 10% on first US$500, 5% on next US$500, then 1% |
| AI subscription credit | — | Up to US$8/month for ChatGPT Go | Up to US$20/month each for ChatGPT Plus and Claude Pro |
| FX fee on TWD spending | About 2% | About 1.5% | 0% |
| Virtual cards | 1 | Up to 2 | Up to 3 |
| Physical card (Taiwan) | — | — | — |
Physical cards are currently unavailable in Taiwan. AI rewards replace base rewards; they do not stack.
AI subscription credits are paid in USD. You receive either the credit or XPL rewards, whichever is higher; they do not stack. You must pay directly with the card on the AI provider’s website. Payments through the App Store, Google Play, PayPal, or Apple Pay are not eligible.
Rewards are paid every Thursday, and only transactions of US$1 or more earn rewards. Monthly spending bands reset at 00:00 UTC on the first day of each month. ATM withdrawals, transfers, currency exchanges, cryptocurrency purchases, gift cards, and gambling do not earn rewards. Taxes, prepaid cards or cash equivalents, card-account repayments, and spending paid with purchase credits are also excluded. For a full comparison, see Plasma One review and comparison.
Plasma One fees
- Annual card fee: 0. Core and Platinum costs are requirements for their rewards tiers, not card annual fees.
- Lite activation: Deposit US$10 before activation; some regions instead charge a US$10 card fee.
- Foreign currency fee: Plasma covers Visa’s FX fee on Platinum. Spending in USD abroad has a 0% cross-border fee.
- Deposits: USDT and USDG deposits are free. USDC deposits are free up to US$30,000 per deposit. You still pay blockchain network gas fees.
- Services not offered: The card terms do not allow cash advances or balance transfers.
See Plasma One fees in detail for the full fee information.
What to know before applying
- Secured account: If you do not repay your balance within one calendar day, or collateral falls below the amount owed and you do not add collateral or repay enough to reduce the debt, your collateral may be liquidated.
- Core or Platinum through an XPL lock: Locked XPL cannot be used for 12 months. You are exposed to XPL price changes during that period and cannot close the card account.
- Rewards are paid in XPL, not cash, and its price can fluctuate. Rates become much lower after each monthly band is used; Lite drops to 0.1%.
How to apply for Plasma One (where to enter the referral code)
- Open the referral link above. The official page says code
RAZTT3will be ready in the app; download Plasma One from that page and sign up. - Enter referral code
RAZTT3in the app after signing up. - Complete KYC. In Taiwan, I passed using a national ID or passport.
- Deposit stablecoins and activate Lite. For the basics, see the stablecoin storage guide.
- Add your virtual card to Apple Pay or Google Pay.
Spend a total of US$10,000 within 60 days after entering the referral code to receive US$200 in purchase credits. The credits can only be used for card spending and cannot be withdrawn.
Plasma One physical cards and use in Taiwan
Taiwan currently has virtual cards only, so everyday payments use Apple Pay or Google Pay. Physical cards are a benefit of Core and Platinum; Lite does not include one. ATM withdrawals are therefore not currently available to Taiwan users. JKOPay cannot be linked because it only accepts credit cards issued by its Taiwanese partner banks. ChatGPT and Claude subscriptions can both be paid with the card.
