Plasma One
Stablecoin-first neobank card built around the Plasma chain's zero-fee USDT transfers.
4.0% risk-adjusted · Custodial
Wirex review
Long-running multicurrency card paying rewards in its own WXT token.
Headline cashback
8%
Risk-adjusted rate
3.2%
Custody
Custodial
Incidents on record
1
Full fee table
- Cashback
- Up to 8% in WXT, gated behind WXT staking tiers
- Reward paid in
- WXT (native-token)
- FX fee
- 0.00% — Interbank rate up to a monthly allowance
- Monthly fee
- Free
- Issuance fee
- Free
- ATM policy
- Monthly free ATM allowance, then a fee
- Lock requirement
- ~$1,000 in WXT (staking tier for 8% rate)
- Funding assets
- USDT, USDC, BTC, ETH
- Chains
- Ethereum, Polygon
- Regions
- UK, EEA, APAC
- Network
- Visa / Mastercard
- Verified
- 2026-08
How we discount token rewards
We do not take a headline cashback percentage at face value when the reward is paid in a token rather than cash or a stablecoin, because that reward is a variable subsidy the issuer can reprice or that can simply lose value against the dollar. The worked math for Wirex:
- 1. Headline cashback: 8%
- 2. Reward risk class: native-token → haircut multiplier 0.40 (stablecoin/fiat = 1.00, mixed = 0.70, native-token = 0.40)
- 3. Risk-adjusted rate = 8% × 0.40 = 3.20%
- 4. On $1,000 of monthly spend that is $32.00 of durable value, versus $80.00 of headline value that assumes the token reward never depreciates.
The 0.40 and 0.70 multipliers are deliberately conservative judgement calls, not a market-derived number — treat them as a floor on how much of the headline rate to trust, not a precise forecast.
Incident history and issuer risk
- · Card services previously suspended for UK/EEA users during a partner transition
Headline 8% is denominated in a thinly traded token and requires locking that same token — the effective rate depends entirely on WXT price.
Alternatives
Binance Card
Spends directly from a Binance spot wallet, cashback scaled by BNB holdings.
3.2% risk-adjusted · Custodial
Wirex, answered
+ − Is the Wirex headline rate the rate I will actually get?
Only if the reward is paid in stablecoins or fiat. Any reward paid in the issuer's own token is a subsidy that can be repriced or lose value, so the honest number is the risk-adjusted rate, not the headline one.
+ − What happens if Wirex's issuer runs into trouble?
Read the custody model: a custodial card's balance sits on the issuer's books and is exposed to issuer insolvency; a self-custodial card removes that risk but adds smart-contract and key-recovery risk instead.
Visit Wirex · Back to all cards
Informational only, not financial advice. Terms, fees and availability change frequently — always verify on the provider's own site before committing funds. Some outbound links may be partner links; they never affect ranking or scoring.