Plasma One vs Nexo
A non-custodial stablecoin Visa with tiered cashback up to 4% (free Lite tier) vs a free custodial Mastercard with Credit/Debit modes and loyalty-tier rewards.
Quick verdict
Plasma One's Lite tier is free and non-custodial, with tiered 2–4% cashback in XPL and a stablecoin focus. Nexo is custodial but flexible — toggle Credit (borrow against 40+ collateral types) and Debit modes, Apple and Google Pay, with cashback up to 2% in NEXO or 0.5% in BTC depending on your loyalty tier.
Side-by-side
| Plasma One | Nexo | |
|---|---|---|
| FX Fees | 0% on USD & EUR · 1% on other currencies | EEA/UK 0.2%–0.7% · RoW 2%–2.5% (≈0% at Gold+) |
| Payback | Lite 2% · Core 3% · Platinum 4% — paid in XPL | Up to 2% NEXO or 0.5% BTC (Credit mode) |
| Annual Fee | Lite Free · Core $120/yr or 10,000 XPL lock · Platinum 100,000 XPL lock | Free — no monthly/annual/inactivity fees |
| Physical Card | Virtual + orderable premium physical (by Rain) | Virtual + physical (physical needs ≥$5k & Gold tier) |
| Custody | Non-custodial (on-device keys) | Custodial |
| Supported Currencies | Stablecoins: USDT, USDC, USDS | 40+ cryptos accepted as collateral |
| Region | Global; iOS-only at launch | EEA, UK + select European countries |
Verdict by dimension
Custody
Plasma One wins on principle — non-custodial. Nexo is custodial.
Cashback
Plasma One's 2–4% beats Nexo's tiered up-to-2% (which needs NEXO holdings).
Annual Fee
Plasma One's Lite and Nexo are both free; Plasma One's Core/Platinum add a fee or XPL lock-up for higher cashback.
Flexibility
Nexo wins — Credit/Debit modes and 40+ collateral assets vs Plasma One's stablecoin spending.
Platform
Nexo is on iOS and Android with Apple and Google Pay; Plasma One is iOS-only at launch.
Choose Plasma One if…
you want self-custody and a simple high flat cashback, and you mainly hold stablecoins.
Choose Nexo if…
you want a custodial card with Credit Mode, broad collateral and Apple Pay, and you're in Europe.