PlasmaPlasma One
87
Side-by-side card comparison
Plasma One vs Ethena Pay: same score, different trade-offs
Plasma One Card and Ethena Pay Card share an Overall Score of 87. Plasma One Card looks stronger for Travel, Funds control, and Transfers, while Ethena Pay Card comes out ahead for Cashback and Lowest fees.
Information checked Oct 6, 202625 official sources reviewed
01 · A level score
The scores are tied, but the cards are not the same
Plasma One Card and Ethena Pay Card have the same Overall Score. Start with what matters most to you: day-to-day costs, rewards, control of your funds or moving money. The sections below show how they differ. You should also check that your preferred card is available in your country.
OverallPlasma One87Ethena Pay87Same score
CashbackPlasma One79Ethena Pay89Higher score
TravelPlasma One72Ethena Pay68Higher score
Funds controlPlasma One99Ethena Pay86Higher score
Lowest feesPlasma One81Ethena Pay87Higher score
TransfersPlasma One100Ethena Pay82Higher score
Choose Plasma One Card if travel and funds control matter most
Plasma One Card comes out ahead for Travel, Funds control, and Transfers in this comparison. It is worth a closer look if those are the parts of a card you expect to use most.
- Lite starts with 2% XPL cashback
- Higher tiers add bigger caps and perks
- Earn is separate from card cashback
Choose Ethena Pay Card if cashback and lowest fees matter most
Ethena Pay Card comes out ahead for Cashback and Lowest fees in this comparison. It is worth a closer look if those are the parts of a card you expect to use most.
- Strong Standard cashback bands
- No Standard monthly fee or FX markup
- Collateral stays in linked wallets
Where the cards part company
A tied score can hide meaningful differences in cost, custody, rewards and everyday access.
- Overall Score
- Plasma One87Ethena Pay87
Both cards have the same displayed Overall Score of 87.
- Entry cost & FX
- Plasma One$0 plan · 0–1% FXEthena Pay$0 plan · 0–1% FX
Ethena Pay Card has the lower published FX fee (0–1% vs 0–1%).
- Purchase rewards
- Plasma One2% base · up to 10%Ethena Pay4% base · up to 5%
Ethena Pay Card has the higher published base cashback rate (4% vs 2%).
- Funds control
- Plasma OneSelf-controlled walletEthena PayHybrid custody
Plasma One Card uses a self-controlled wallet setup, while Ethena Pay Card uses a hybrid custody setup. Neither approach is always better, so choose the level of control you are comfortable with.
- Everyday access
- Plasma OneVirtual + Physical · Apple Pay, Google PayEthena PayVirtual · Apple Pay
Plasma One Card lists more card formats and phone-wallet options (4 vs 2).
- Money movement
- Plasma One3 stablecoins · Stablecoin transfers; Plasma One usernames; Virtual account withdrawalsEthena Pay1 stablecoin · Stablecoin transfers; Ethena Pay user transfer; Bank withdrawal
Plasma One Card lists more stablecoins and ways to send money out (6 vs 4).
02 · Read the shortlist
A closer look at the tie
The score is level. These quick facts show where the cards still ask you to make a choice.
- Cashback
- 2%-10%
- Plan cost
- $0
- FX fee
- 0–1%
- ATM fee
- Not available
- Card formats
- Virtual, Physical
- Wallet payments
- Apple Pay, Google Pay
- Receive methods
- 3 crypto · 4 fiat
- Payout methods
- 3 crypto · 6 fiat
- Cashback
- 4%-5%
- Plan cost
- $0
- FX fee
- 0–1%
- ATM fee
- $1 + 0.65% where ATM access is available; separate operator surcharge may apply
- Card formats
- Virtual
- Wallet payments
- Apple Pay
- Receive methods
- 0 crypto · 0 fiat
- Payout methods
- 1 crypto · 0 fiat
Current signup offers
Signup value available today
A welcome offer can improve the value of your first months with a card. Check the eligibility rules, qualifying actions and deadline first. Signup offers are excluded from card scores.
Plasma One Card
Get $10
$10 after qualifying Plasma One card spend
- Join as a new user through the link, complete identity verification and activate a card.
- Spend $100 on qualifying card purchases at two or more distinct merchants within 14 days of code redemption.
- The $10 reward is card spend credit, not withdrawable cash.
Plasma One referral code4E7CQV
CARDGD is a separate access code. Check the current referral conditions in the Plasma One app before spending.
Ethena Pay Card
No active signup offer listed
We do not currently list an active signup offer for this card.
Partner links may earn us a commission. Read our affiliate disclosure for how these links work.
03 · Compare the details
Put the details side by side
We highlight a better number only when both cards publish values that can be compared fairly. Anything missing stays clearly marked.
Best known Not disclosed
CardsPlasma One CardOverall87Ethena Pay CardOverall87
Plasma One CardOverall87Ethena Pay CardOverall87Scores
6 fields- Overall Score
- Plasma One Card87Ethena Pay Card87
- Cashback score
- Plasma One Card79Ethena Pay Card89
- Travel score
- Plasma One Card72Ethena Pay Card68
- Funds control score
- Plasma One Card99Ethena Pay Card86
- Lowest fees score
- Plasma One Card81Ethena Pay Card87
- Transfers score
- Plasma One Card100Ethena Pay Card82
Strengths & trade-offs
2 fields- Strengths
- Plasma One CardLite starts with 2% XPL cashback, Higher tiers add bigger caps and perksEthena Pay CardStrong Standard cashback bands, No Standard monthly fee or FX markup
- Trade-offs
- Plasma One CardPhysical access is limited; no ATM, Cashback is capped by tierEthena Pay CardCard access is still application-gated, One-day payment grace adds liquidation risk
Costs
7 fields- Plan cost
- Plasma One Card$0Ethena Pay Card$0
- FX fee
- Plasma One Card0–1%Ethena Pay Card0–1%
- Top-up fee
- Plasma One Card0%Ethena Pay CardProvider collateral-funding fee unknown; external network gas is separate
- Card spending fee
- Plasma One CardNot disclosedEthena Pay Card0%
- ATM fee
- Plasma One CardNot availableEthena Pay Card$1 + 0.65% where ATM access is available; separate operator surcharge may apply
- Virtual card
- Plasma One CardUp to 3 free virtual cards by tierEthena Pay CardUSD 0
- Physical card
- Plasma One CardFirst physical card free in the currently confirmed Core and Platinum flows. Core standard delivery is $20 and express is $50; Platinum standard delivery is free and express is $30. Additional or replacement cards cost $40 for Core and $120 for Platinum.Ethena Pay CardNot disclosed
Plans
2 fields- Available plans
- Plasma One Card3 plans: Lite, Core, PlatinumEthena Pay Card3 plans: Standard, Pro, VIP
- Top cashback plan
- Plasma One CardPlatinum: 4%Ethena Pay CardVIP: 5%
Everyday use
8 fields- Network
- Plasma One CardVisaEthena Pay CardVisa
- Card formats
- Plasma One CardVirtual, PhysicalEthena Pay CardVirtual
- ATM withdrawals
- Plasma One CardNot availableEthena Pay CardNot disclosed
- Mobile wallets
- Plasma One CardApple Pay, Google PayEthena Pay CardApple Pay
- Apps
- Plasma One CardiOS, AndroidEthena Pay CardiOS, Web
- Daily spending limit
- Plasma One CardShown in appEthena Pay CardDynamic, based on collateral market value
- Monthly spending limit
- Plasma One CardShown in appEthena Pay CardDynamic, based on collateral market value
- ATM limit
- Plasma One CardNot available, including for physical cardsEthena Pay CardNot available
Funding & transfers
5 fields- Networks
- Plasma One CardPlasma, Ethereum, Solana, Tron, Polygon, Arbitrum +5Ethena Pay CardEthereum, Polygon, Optimism, Arbitrum
- Crypto deposits
- Plasma One CardStablecoins: USDT, USDC, USDGEthena Pay CardNot disclosed
- Fiat deposits
- Plasma One CardUSD virtual account, EUR / GBP virtual accounts, MXN / BRL local transfers, COP virtual accountEthena Pay CardNot disclosed
- Transfers
- Plasma One CardStablecoin transfers; Plasma One usernames; Virtual account withdrawalsEthena Pay CardStablecoin transfers; Ethena Pay user transfer; Bank withdrawal
- Payout currencies
- Plasma One CardUSD, EUR, GBP, MXN, BRL, COPEthena Pay CardNot disclosed
Rewards
3 fields- Base cashback
- Plasma One Card2%Ethena Pay Card4%
- Max cashback
- Plasma One Card10%Ethena Pay Card5%
- Reward currency
- Plasma One CardUSD cashback paid in XPLEthena Pay CardAVAX
Earn
5 fields- Advertised APY
- Plasma One CardUp to 5% APYEthena Pay CardUp to 6% APY
- How it works
- Plasma One CardOptional earn vaultEthena Pay CardEarn on spending balance
- Separate deposit
- Plasma One CardYesEthena Pay CardNo
- Use balance for spending
- Plasma One CardNoEthena Pay CardYes
- Lock-up
- Plasma One CardNoEthena Pay CardNo
Trust & availability
8 fields- Custody
- Plasma One CardSelf-custodyEthena Pay CardHybrid custody
- Control until payment
- Plasma One CardYou keep controlEthena Pay CardYou keep control
- Card issuer
- Plasma One CardRain, Third NationalEthena Pay CardThird National
- Card processing
- Plasma One Card0xEthena Pay CardSignify Holdings, Inc. d/b/a Rain
- Custody / key management
- Plasma One CardPrivy, VedaEthena Pay CardNot disclosed
- Deposits & withdrawals
- Plasma One CardBridge, Bridge Ventures LLCEthena Pay CardNot disclosed
- Identity verification
- Plasma One CardNot disclosedEthena Pay CardSumsub
- Programme operator
- Plasma One CardPlasmaEthena Pay CardNot disclosed
Sources
2 fields- Official sources
- Plasma One Card12Ethena Pay Card13
- Last reviewed
- Plasma One CardAug 27, 2026Ethena Pay CardOct 6, 2026
04 · The closer call
Plasma One Card and Ethena Pay Card need a closer personal call
The Overall Score ends level at 87, so there is no honest all-round winner here. Ethena Pay Card has the lower published FX fee (0–1% vs 0–1%). Ethena Pay Card has the higher published base cashback rate (4% vs 2%).
Plasma One Card looks stronger for Travel, Funds control, and Transfers, while Ethena Pay Card comes out ahead for Cashback and Lowest fees. Plasma One Card uses a self-controlled wallet setup, while Ethena Pay Card uses a hybrid custody setup. Neither approach is always better, so choose the level of control you are comfortable with.
Plasma One Card lists more stablecoins and ways to send money out (6 vs 4). Your final check should be whether the card is available where you live and whether the latest provider terms match the features you expect to use.
If one card now looks like the better fit, you can check the latest application terms on the provider site or read our full Plasma One Card and Ethena Pay Card reviews first.
Continue with
Plasma One Card
Continue with
Ethena Pay Card
05 · Common questions
Plasma One vs Ethena Pay FAQ
Is Plasma One or Ethena Pay better overall?
Plasma One Card and Ethena Pay Card tie at 87 in the Overall Score. Compare their costs, rewards, way of holding funds and everyday features to decide which suits you.
Which has lower fees, Plasma One or Ethena Pay?
Ethena Pay Card has the lower published FX fee (0–1% vs 0–1%). Compare plan, FX, card-spend, top-up and ATM charges separately because one fee does not represent the full cost.
Which has better cashback, Plasma One or Ethena Pay?
Ethena Pay Card has the higher published base cashback rate (4% vs 2%). Maximum rates may depend on tiers, caps, categories or other conditions, so the entry rate and reward asset matter too.
How do Plasma One and Ethena Pay differ on custody?
Plasma One Card uses a self-controlled wallet setup, while Ethena Pay Card uses a hybrid custody setup. Neither approach is always better, so choose the level of control you are comfortable with.
How current is this Plasma One vs Ethena Pay comparison?
The latest information check for these two cards was October 6, 2026, using 25 official sources in total. Each full card review lists its own check date, sources and anything the provider has not clearly disclosed.