PlasmaPlasma One
87
Side-by-side card comparison
Plasma One vs Ethena Pay: overall score versus use-case fit
Plasma One Card has the higher Overall Score by 1 point (87 vs 86). 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 Sep 1, 202624 official sources reviewed
01 · Overall score versus use-case fit
Plasma One Card is the better all-round starting point
Plasma One Card has the higher Overall Score in this comparison. Ethena Pay Card may be the better fit for Cashback and Lowest fees. A score cannot tell you whether a provider will accept your application or whether every feature will be available where you live, so check the latest provider terms before signing up.
OverallPlasma One87Ethena Pay86Higher score
CashbackPlasma One78Ethena Pay89Higher score
TravelPlasma One72Ethena Pay64Higher score
Funds controlPlasma One99Ethena Pay86Higher score
Lowest feesPlasma One80Ethena 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 each card has the edge
The overall leader does not win every use case, so the reason you want the card matters here.
- Overall Score
- Plasma One87Ethena Pay86
Plasma One Card has the higher Overall Score by 1 points.
- Entry cost & FX
- Plasma One$0 plan · 0–1% FXEthena Pay$0 plan · 0% Ethena Pay markup; Visa rate applies FX
Ethena Pay Card has the lower published FX fee (0% Ethena Pay markup; Visa rate applies 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 split decision
Start with the strengths that drive each use-case result, then test them against costs and access.
- 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% Ethena Pay markup; Visa rate applies
- ATM fee
- Not available
- Card formats
- Virtual
- Wallet payments
- Apple Pay
- Receive methods
- 0 crypto · 0 fiat
- Payout methods
- 1 crypto · 0 fiat
03 · Compare the details
See how the trade-offs line up
Comparable figures receive a marker; missing or unverified details stay visible instead of becoming an assumed advantage.
Best known Not disclosed
CardsPlasma One CardOverall87Ethena Pay CardOverall86
Plasma One CardOverall87Ethena Pay CardOverall86Scores
6 fields- Overall Score
- Plasma One Card87Ethena Pay Card86
- Cashback score
- Plasma One Card78Ethena Pay Card89
- Travel score
- Plasma One Card72Ethena Pay Card64
- Funds control score
- Plasma One Card99Ethena Pay Card86
- Lowest fees score
- Plasma One Card80Ethena 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% Ethena Pay markup; Visa rate applies
- 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 CardNot available
- 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 available
- 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 Card12
- Last reviewed
- Plasma One CardAug 27, 2026Ethena Pay CardSep 1, 2026
04 · The trade-off
Plasma One Card is the stronger all-round choice
Plasma One Card finishes ahead with an Overall Score of 87 versus 86 for Ethena Pay Card. Ethena Pay Card has the lower published FX fee (0% Ethena Pay markup; Visa rate applies vs 0–1%). Ethena Pay Card has the higher published base cashback rate (4% vs 2%).
Ethena Pay Card still comes out ahead for Cashback and Lowest fees, which may matter more than the overall result if that is how you plan to use the card. 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). Before applying, confirm availability in your country and recheck the provider's current fees and reward conditions.
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 has the higher Overall Score (87 vs 86). That does not make it better for everyone: your preferred fees, rewards, way of holding funds and country availability can change the practical choice.
Which has lower fees, Plasma One or Ethena Pay?
Ethena Pay Card has the lower published FX fee (0% Ethena Pay markup; Visa rate applies 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 September 1, 2026, using 24 official sources in total. Each full card review lists its own check date, sources and anything the provider has not clearly disclosed.