Plasma One Powers Stablecoin Earn With Veda

Plasma, the purpose-built blockchain for stablecoin payments, is scaling its integration with Veda to offer Earn for the new money app, Plasma One, that lets users save, spend, send, and earn all in one place.

The Plasma One app is a reimagining of how money works today. Users can load up their accounts, send money fast with no fees, and earn up until the moment they spend. 

The frontend powers a seamless experience for users, while a Veda vault on the backend generates yield by allocating to stablecoin lending markets like Aave to compound account balances. The vault makes app balances productive, enabling growth without asking users to read code, sign transactions, or manage positions at any step in the process. Instead, a non-custodial Veda vault on the Plasma blockchain ensures users always stay in control of their funds. 

Plasma One and the corresponding Veda vault use Tether’s USDT stablecoin, the largest stablecoin by market capitalization with over $186 billion in circulation. 

The vault supports a payments experience that feels instant for users, who can spend their stablecoin Earn balances like dollars with Plasma One Visa cards across 150 million merchants in 180+ countries. Users can choose from one of three card options, with up to 4% in base cashback rewards in addition to the stablecoin yield from the vault. 

We've been a day-one infrastructure partner for Plasma. Our versatile vault stack previously supported Plasma’s pre-deposits campaign ahead of the blockchain’s launch last year, which drove over $1 billion in liquidity to the new chain without any depositor action required. This campaign saw an all-time high of over $3 billion in deposits while facilitating a successful crosschain migration. Today, this vault still functions as a powerful onchain savings product for thousands of users.

For Plasma One, Veda provides Plasma with the vault infrastructure needed to generate yield for user account balances while offering robust compliance, risk, and security controls. Users gain an easier way to earn and spend, while Veda’s flexible vault design enables adaptive yield strategies, managing user deposits, withdrawals, onchain accounting, protocol allocation, autocompounding, and more.