Plasma One

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Plasma One scores 10 of 16 on the CBL Card Score. Plasma, Visa. Self-custodial; keys held via Privy. Rain, Visa member, no bank licence.

CBL Card Score: 10 of 16

Criterion	Points	What we found	Source
Custody	2 of 2	Self-custodial. "Plasma One does not custody your assets" and "the stablecoin balance backing your Plasma One card is owned and custodied by you" (official, plasma.org/personal). The terms say users control non-custodial wallets, private keys are managed through Privy's infrastructure, and neither Plasma nor its key-management providers can view or regenerate the signing key (official, terms of service, updated 15 Jun 2026). Balances are not bank deposits and sit outside FDIC, FSCS and similar schemes (official).	official checked 20 October 2026
Issuer and licence	1 of 2	"The Plasma One Card is issued by Rain, a Visa Principal Member, pursuant to a license from Visa" (official, plasma.org/personal, checked 20 Oct 2026). The terms add that "Plasma is not the program manager or the issuer" (official). Rain holds no bank charter or EMI licence that Plasma or Rain publishes; a trade outlet reports Rain applied on 5 Oct 2026 to form a national trust bank in New York with no authorisation yet (third-party: TechFlow, checked 20 Oct 2026). DefiLlama lists the issuer as Third National, a Rain group name (third-party: DefiLlama, verified 19 Sep 2026).	official checked 20 October 2026
Availability	1 of 2	No positive country list is published. Documents from Cuba, Iran, North Korea, Russia, Syria, Ukraine and Venezuela are not accepted, and documents from Belarus, China, India, Iraq, Israel, Myanmar, Nepal, Nicaragua, Turkey, Vietnam, Nigeria and Sri Lanka are blocked except when the user lives in a supported country (official, help centre, 11 May 2026). The US is served in 31 named states, with Washington and Arizona excluded (official, same article). EEA residents contract with Bridge Building Sp. z o.o., and UK residents are addressed by a UK risk disclaimer and by referral terms that exclude them from some bonuses (official). A trade report says the staged rollout began in the Middle East (third-party: Stablecoin Insider, 17 Jun 2026, modified 5 Oct 2026), with no official confirmation for the UAE or Saudi Arabia. Access: the help centre says "Access is by invite only" (official, 2 Sep 2026), while the product page offers App Store and Google Play downloads with no invite step, and a review on 17 Oct 2026 says registration is open to anyone (third-party: kkinvesting). Scored on EU and UK.	official checked 20 October 2026
FX fee on a foreign-currency purchase	0 of 2	Lite: "1% Plasma FX markup, plus the Visa FX fee"; Core: 0.5% plus the Visa fee; Platinum: no FX fee, Visa rate with no markup (official, help centre, 17 Sep 2026). The fees article puts the Visa fee at about 1%, so a Lite cardholder pays about 2% on a non-USD purchase (official, fees article, checked 20 Oct 2026). Scored on Lite.	official checked 20 October 2026
Funding cost	1 of 2	Lite costs $0 and includes one free virtual card (official, plasma.org/personal/lite). Crypto deposits carry a Plasma fee of 0.15% to 0.75% depending on the asset, the same on every tier, plus network, bridge or swap fees shown in the app (official, fees article). Fiat deposits: SEPA $0.50, GBP Faster Payments $0.50, ACH $1, wire $15 on Lite (official, fees article). Withdrawals: 1% plus the rail fee on Lite for SEPA, Faster Payments and wire; 0.75% plus the ACH fee (official). Physical card: not available on Lite; Core first card free (marked coming soon) with $20 standard or $50 express delivery; Platinum first card free with free standard delivery (official, help centre, checked 20 Oct 2026). No monthly or inactivity fee is listed (official).	official checked 20 October 2026
Apple Pay and Google Pay	2 of 2	"On iPhone, add your Plasma One card to Apple Pay. On Android, add it to Google Pay" (official, plasma.org/personal); separate help articles cover each (official, checked 20 Oct 2026).	official checked 20 October 2026
Freeze and dispute policy	1 of 2	Cards can be frozen and accounts locked in the app, with a help article on freezing (official). No dispute window, chargeback route or response time is published; the help centre says reversals "typically settle within 30 business days" (official, 2 Sep 2026), and the terms set a 45-day informal resolution step before arbitration under England and Wales law (official, terms of service). Card terms from the issuer were not found on the site.	official checked 20 October 2026
Yield on idle balance	2 of 2	Earn moves stablecoins into a vault run on Veda infrastructure and deployed into Aave; rates are "variable and not guaranteed", and funds can be moved back to Cash at any time (official, help centre, 2 Sep 2026). Available on the free Lite tier, advertised as up to 5% a year, with up to 6% on the main page (official, plasma.org/personal/lite). No lock on Earn; the only locks are the 12-month XPL locks that buy Core or Platinum (official, rewards addendum, effective 26 Sep 2026). Not a deposit, no insurance, smart contract risk disclosed (official). Vault services are closed to New York residents (official, terms).	official checked 20 October 2026

Total 10 of 16. Official means the company's own site, terms or help centre. Third-party means a named review site with its own check date; a third-party fact is reported, not verified, and the score stands until an official source confirms or contradicts it.

Score history

20 October 2026

10 of 16

First score

Standing

Company	Plasma, "an exempted company with limited liability incorporated under the laws of the Cayman Islands", with subsidiaries including Plasma Labs UK Ltd. and Plasma US, Inc. (official, terms of service, updated 15 Jun 2026). Plasma calls itself "a financial technology company, not a regulated financial institution" and "not an FCA-regulated firm" (official, plasma.org/personal and UK disclaimer, checked 20 Oct 2026). Fiat accounts are "powered by Bridge": Bridge Building Inc. for US residents, Bridge Building Sp. z o.o. for EEA residents, Bridge Building Limited for everyone else (official, plasma.org/personal). The card is issued by Rain, which is a Visa Principal Member and not a bank (official, plasma.org/personal; third-party: Wikipedia, checked 20 Oct 2026).
Network	Visa (official). official
Rails	Rain, a Visa Principal Member, issues the card under licence from Visa; Plasma is neither the issuer nor the programme manager (official). Stablecoins stay in the user's own wallet with keys managed through Privy, and fiat virtual accounts run through Bridge entities by region (official).
Website	www.plasma.org/personal
Health tag	Watch Self-custody is documented and the issuer is named, but Rain is a Visa Principal Member with no published bank or EMI licence, Plasma is a Cayman company outside FCA or EU regulation, and the Earn balance carries DeFi protocol risk with no deposit protection (official).
Last checked	20 October 2026

When it goes wrong

Cards can be frozen and accounts locked in the app, with a help article on freezing (official). No dispute window, chargeback route or response time is published; the help centre says reversals "typically settle within 30 business days" (official, 2 Sep 2026), and the terms set a 45-day informal resolution step before arbitration under England and Wales law (official, terms of service). Card terms from the issuer were not found on the site.

The dispute route, in order: the company's own support desk, then the card network's chargeback rules, then the regulator of the issuer where one is named. A frozen card is a question, not a verdict: the Frozen Account Survival Kit applies to cards too.

Costs

FX	Lite: "1% Plasma FX markup, plus the Visa FX fee"; Core: 0.5% plus the Visa fee; Platinum: no FX fee, Visa rate with no markup (official, help centre, 17 Sep 2026). The fees article puts the Visa fee at about 1%, so a Lite cardholder pays about 2% on a non-USD purchase (official, fees article, checked 20 Oct 2026). Scored on Lite. official
Funding	Lite costs $0 and includes one free virtual card (official, plasma.org/personal/lite). Crypto deposits carry a Plasma fee of 0.15% to 0.75% depending on the asset, the same on every tier, plus network, bridge or swap fees shown in the app (official, fees article). Fiat deposits: SEPA $0.50, GBP Faster Payments $0.50, ACH $1, wire $15 on Lite (official, fees article). Withdrawals: 1% plus the rail fee on Lite for SEPA, Faster Payments and wire; 0.75% plus the ACH fee (official). Physical card: not available on Lite; Core first card free (marked coming soon) with $20 standard or $50 express delivery; Platinum first card free with free standard delivery (official, help centre, checked 20 Oct 2026). No monthly or inactivity fee is listed (official). official
ATM	ATM withdrawals are offered and earn no cashback; the fee was not found on the fees page (official, help centre article title; third-party: kkinvesting, 17 Oct 2026).
Tiers	Lite $0. Core $199 a year or lock 20,000 XPL for 12 months. Platinum: lock 100,000 XPL for 12 months, no cash price listed (official, tier pages). Locked XPL cannot be withdrawn early (official, rewards addendum).

Cashback, as of 20 Oct 2026

Paid in XPL. Lite 2% headline, laddered by spend band in the help centre. Core 3% on the first $1,000 a month, 2% on the next $1,000, 1% on the next $1,000, 0.25% after that, plus 5% on AI subscriptions up to $500 a month. Platinum 4% on the first $3,000, 3% on the next $7,000, 2% on the next $5,000, 1% after that, plus 10% on AI spend and on eligible flights up to $600 a year (official, tier pages and rewards addendum, checked 20 Oct 2026). "Rates are variable and subject to change" (official).

Cashback is a dated fact, not part of the Card Score. Promo rates change too often to score.

Availability

No positive country list is published. Documents from Cuba, Iran, North Korea, Russia, Syria, Ukraine and Venezuela are not accepted, and documents from Belarus, China, India, Iraq, Israel, Myanmar, Nepal, Nicaragua, Turkey, Vietnam, Nigeria and Sri Lanka are blocked except when the user lives in a supported country (official, help centre, 11 May 2026). The US is served in 31 named states, with Washington and Arizona excluded (official, same article). EEA residents contract with Bridge Building Sp. z o.o., and UK residents are addressed by a UK risk disclaimer and by referral terms that exclude them from some bonuses (official). A trade report says the staged rollout began in the Middle East (third-party: Stablecoin Insider, 17 Jun 2026, modified 5 Oct 2026), with no official confirmation for the UAE or Saudi Arabia. Access: the help centre says "Access is by invite only" (official, 2 Sep 2026), while the product page offers App Store and Google Play downloads with no invite step, and a review on 17 Oct 2026 says registration is open to anyone (third-party: kkinvesting). Scored on EU and UK. official

Identity checks: Identity document and proof of address through Sumsub, with a postal code required (official, help centre and terms).

What we still need confirmed

Facts marked official come from Plasma's own pages or terms. Facts marked third-party are reported by a named review site and count as reported, not verified. These items are open for the next Monday sweep:

• Whether an invite code is still required at sign-up. Rescore availability to 0 if the app refuses new users without one. open
• Official confirmation that UAE or Saudi residents can onboard. Rescore availability to 2 if confirmed. open
• Rain's licence type and whether the issuer of record is Rain or Third National. Rescore issuer to 2 if a bank or EMI licence is published. open
• Issuer card terms with a dispute window and response time. Rescore freeze to 2 if both are published. open
• Exact Visa FX fee on Lite. Rescore FX to 1 if the combined charge is 1.5% or less. open
• ATM fee schedule. open

See a mistake? Email hi@cryptobanklist.com. Every factual correction is logged on our corrections page.

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