The blockchain platform Plasma, specializing in the development of infrastructure for stablecoin payments, is expanding its operations in the European Union. The company has obtained a VASP (Virtual Asset Service Provider) license in Italy, opened a new office in the Netherlands, and is preparing to apply for MiCA and EMI licenses for further expansion.
This is reported by Finway
European Expansion and New Opportunities for Stablecoin Payments
Plasma is actively promoting the creation of a regulated payment ecosystem based on stablecoins in the EU, covering all stages of transactions — from payment processing to integration with banks and other financial institutions. The opening of an office in the Netherlands is a strategic move to strengthen the company’s presence in one of the most developed payment hubs in Europe.
“The Netherlands is one of the most developed payment hubs in Europe. Expanding our team and regulatory presence here gives us a pathway to control a larger portion of the payment infrastructure — from stablecoin settlements to licensed financial services,” said Adam Jacobs, Head of Global Payments at Plasma.
By acquiring a licensed VASP company in Italy, Plasma has officially gained the right to process cryptocurrency transactions and hold clients’ digital assets within the European Union. However, the name of the acquired company is not currently disclosed. Plasma’s immediate plans include obtaining the status of a Crypto Asset Service Provider (CASP) under the MiCA regulation, as well as an EMI license, which will allow for the issuance of payment cards, exchange of digital assets, and custody of user funds under the oversight of European regulators.
Plasma One: Development of a Neobank and Growth of the Stablecoin Market
The company announces the launch of the stablecoin neobank Plasma One, which will provide fast and cost-effective payments with minimal fees and a limited number of intermediaries. All user funds will be held separately and protected under European legislation.
Since its public launch, Plasma has already attracted approximately $4 billion in stablecoin deposits, according to DefiLlama. This indicates significant interest in the platform among users and businesses seeking reliable and regulated solutions for international payments.
“Our goal is to set a high standard for blockchain infrastructure for stablecoins by obtaining all necessary licenses and controlling the regulated stack from start to finish,” noted Jacob Wittman, General Counsel of Plasma.
According to Standard Chartered, the stablecoin market, currently valued at $230 billion, could grow to $2 trillion by 2028, due to the integration of digital currencies into the global financial system. Plasma aims to become a key player in this space by building a comprehensive regulated infrastructure for businesses, banks, and users utilizing stablecoins for international transactions.