Plasma XPL$0.3564, a blockchain company building stablecoin-focused network, announced a major expansion in Europe to offer regulated payments services.
The firm said on Thursday it had acquired a Virtual Asset Service Provider (VASP) licensed entity in Italy, allowing it to legally handle crypto transactions and custody assets in the region. As part of its EU expansion, the firm is opening a new office in Amsterdam, Netherlands and has appointed a chief compliance officer and money laundering reporting officer. Plasma did not name the acquired entity, and a spokesperson did not immediately return a request for comment.
“The Netherlands is one of Europe’s most established payment hubs,” said Adam Jacobs, Plasma’s head of global payments, in a statement. “Growing our team and regulatory presence here gives us a path to own more of the payments stack, from stablecoin settlement to licensed financial infrastructure.”
The company also plans to apply for Crypto Asset Service Provider (CASP) status under the EU’s new MiCA regulation, and pursue an Electronic Money Institution (EMI) license. These moves would allow Plasma to exchange assets, issue cards and hold customer funds under regulatory safeguards.
“By having control of a fully licensed payments stack, we can offer greater reliability and access to merchants, people and institutions,” Jacobs added.
Plasma has emerged as a fast-growing blockchain rail designed for global stablecoin payments, a potentially huge market as crypto is becoming increasingly popular for cross-border money movement. Stablecoins are a type of cryptocurrencies with prices anchored to fiat money like the U.S. dollar, and could offer faster and cheaper settlements compared to traditional payment rails, proponents say. Currently a $300 billion asset class, stablecoins could hit $4 trillion by the end of the decade as they are increasingly embedded in the global banking and financial network, a Citibank report said last month.
The Plasma chain attracted $7 billion in stablecoin deposits since its public launch only a month ago, becoming the fifth-largest blockchain by stablecoin supply.
Plasma said it aims to use these licenses to power its stablecoin-based neobank dubbed Plasma One. By owning the full compliance stack, the firm said it can offer faster settlements, lower fees and fewer intermediaries while keeping customer funds segregated and protected under EU law.
“Our aim is to set a high standard for blockchain-native stablecoin infrastructure by securing the right licences and owning the regulated stack end to end,” Jacob Wittman, Plasma’s general counsel said in a statement.
