Peter Thiel-Backed Plasma Quietly Debuts $373M Stablecoin Neobank Promising 10% Yields And Access Across 150 Countries

Core Insights - Plasma, a blockchain startup backed by billionaire Peter Thiel, has launched Plasma One, a neobank that aims to disrupt traditional banking in emerging markets by providing access to dollar-denominated services [1][2] - The neobank has raised $373 million in an initial coin offering and targets billions of people globally who lack access to traditional financial institutions [1][2] Group 1: Product Features - Plasma One offers permissionless access to saving, spending, and earning in dollars, allowing users to pay directly from stablecoin balances while earning yields exceeding 10% [2] - The app integrates saving, spending, and sending functions, providing up to 4% cash back on purchases and enabling free, instant stablecoin transfers between users [3] - Onboarding is designed to be quick, with new customers receiving a virtual card within minutes [3] Group 2: Market Application - The app is built for real-world use cases, serving exporters in Istanbul, merchants in Buenos Aires, and commodity traders in Dubai who rely on stablecoins for transactions [4] - Plasma reported over $2.5 billion in stablecoin total value locked at launch, indicating strong initial adoption [5] Group 3: Technological Infrastructure - Plasma's Layer 1 blockchain can process over 1,000 transactions per second with sub-second block times, providing a robust foundation for its services [4] - The company aims to offer tested technology to external partners, allowing them to launch on Plasma without building from scratch [6]