The Layer 1 blockchain Plasma, specializing in building infrastructure for stablecoin payments, has announced a significant expansion of its operations in the European market. The company has obtained a Virtual Asset Service Provider (VASP) license in Italy and has also opened a new office in the Netherlands. Additionally, Plasma plans to apply for MiCA and Electronic Money Institution (EMI) licenses, which will strengthen its position in the legal cryptocurrency and financial services sector in Europe.
This is reported by Business • Media
Expansion Plans and Creation of a Regulated Payment Ecosystem
As part of its European expansion strategy, Plasma aims to create a regulated payment ecosystem based on stablecoins – from transaction processing to integration with financial institutions. The opening of the office in the Netherlands is strategically significant, as this country is 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 path to owning a larger portion of the payment infrastructure — from stablecoin settlements to licensed financial services,” said Adam Jacobs, Head of Global Payments at Plasma.
Obtaining the Italian VASP license was made possible through the acquisition of a company, the name of which Plasma has not yet disclosed. With this license, the project is authorized to legally process crypto transactions and hold customer assets within the EU.
Next Steps and Development of the Stablecoin Neobank
The next step for Plasma will be to obtain the status of a Crypto Asset Service Provider (CASP) under the MiCA regulation, as well as an EMI license. Holding all necessary permits will enable the company to engage in digital asset exchange, issue payment cards, and store user funds under the oversight of European regulators.
Plasma positions itself as a payment blockchain focused on stablecoins and has already attracted nearly $4 billion in stablecoin deposits just a month after its public launch, according to DefiLlama. At the same time, the company is developing the stablecoin neobank Plasma One, which will allow for payments with minimal fees, faster settlements, and maximum security — all user funds will be stored separately and protected under EU legislation.
“Our goal is to set a high standard for the blockchain infrastructure of 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 leader among infrastructure projects for businesses, banks, and users who utilize stablecoins for international transactions.