One line each
- ✓ Licensed bank (Gibraltar, GFSC) with deposit protection
- ✓ ~3.35% APY on USD balances, tiered Bitcoin yield
- ✓ Statements institutions accept: residency files, leases, loans
- ✓ Worldwide VISA card, USDT, USDC, Bitcoin (Lightning included)
- ✓ Dedicated relationship manager, support that answers
- ✗ ~1,000 USD a year membership (~500 USD net in year one with the referral)
- ✗ Personal account only, non-US and non-UK residents
- ✗ Geolocation and source-of-funds questions, for compliance
- ✓ Free tier: nothing to pay to try it
- ✓ 2 to 4% cashback by tier, up to 10% on AI and flights on Platinum
- ✓ Earn vault around 4 to 5%, variable
- ✓ Visa accepted in 150+ countries, spending straight from stablecoins
- ✗ No deposit protection, no prudential supervisor
- ✗ Cashback paid in XPL: volatile, and messy at tax time
- ✗ Platinum = 100,000 XPL locked for 12 months (~12,000 USD), not a subscription
- ✗ Produces no bank statement a file will accept
Line by line
| Xapo Bank | Plasma One | |
|---|---|---|
| Nature | ✓ Licensed bank (GFSC Gibraltar) | Payments app + self-custodial wallet |
| Deposit protection | ✓ Gibraltar Deposit Guarantee Scheme | ✗ None, explicitly |
| Who holds the funds | The bank, under supervision | You, with the technical risk attached |
| Cost of entry | ~1,000 USD a year, fixed and known | Free (Lite); ~199 USD a year (Core); 100,000 XPL lock (Platinum) |
| Yield on cash | ✓ ~3.35% APY on USD, contractual | ~4 to 5% via lending markets, variable and not guaranteed |
| Spending rewards | ✗ No cashback | ✓ 2 to 10% by tier and category, paid in XPL |
| Non-USD spending | Standard bank conversion | ~1% Plasma markup + network cost, so ~2% |
| Bitcoin | ✓ Full-reserve custody + yield | ✗ Stablecoin-centric product |
| Statements for paperwork | ✓ Yes | ✗ No |
| Tax treatment of gains | Bank interest, well-trodden ground | Digital asset received then sold: two events to track |
| Technical risk you carry | Low (ordinary bank risk) | Smart contracts, vaults, bridges, card custodian |
| Eligibility | 18+, non-US and non-UK residents | 150+ countries, US excluded, Sumsub KYC, invite-only |
| Business account (LLC) | ✗ Personal only | ✗ Personal only |
| Track record | Established bank, several years of operation | Launched June 2026, tier grid already adjusted since |
Here is the argument going around: "Xapo costs me 1,000 USD a year, Plasma Platinum is free". It is wrong, and here is why.
Xapo membership is a fixed, known, capped cost: about 1,000 USD a year, around 500 USD net in year one with the referral. Plasma Platinum requires locking 100,000 XPL for twelve months, roughly 12,000 USD tied up at September 2026 prices (the standard threshold is even 150,000 XPL outside the launch window). You pay nothing, but you take exposure.
Run both scenarios. If XPL falls 30% over the lock, the unrealised loss is about 3,600 USD: more than three years of Xapo membership, against cashback you would have to chase by spending over 90,000 USD in the year. If XPL rises 30%, you make 3,600 USD on top of the perks and the trade is excellent. Either way, what you bought is a directional bet on a token, not a card. Comparing it to a bank membership is comparing an insurance premium to a lottery ticket.
Which one, by profile
| Your situation | The call |
|---|---|
| You need somewhere to keep dollar savings | Xapo: deposit protection and contractual yield |
| You are building a residency file, a lease, a loan | Xapo: the only one producing usable statements |
| You hold Bitcoin and want it under a banking licence | Xapo |
| You already live in stablecoins and just want to spend them | Plasma One, free tier |
| You spend heavily in USD and want cashback | Plasma One, cashing out the XPL regularly |
| You are already exposed to XPL and believe in the project | Plasma One Platinum is arguable: the lock is a position you wanted |
| You want Platinum without holding XPL | Neither: you are buying a token, not a card |
| You are a US or UK resident | Neither: see US accounts instead |
| You have savings to protect and spending to optimise | Both, split as below |
The real answer: the bank keeps, the card spends
The setup that holds, for an expat or a non-resident LLC owner, is not about picking a winner but about separating the jobs:
- The company collects on its operating account, at Wise Business or a US bank. Neither Xapo nor Plasma is a business account: both are personal products.
- Personal savings and paperwork live at Xapo: that is where yield is contractual, deposits are protected, and you can produce a statement when a consulate or a landlord asks for one.
- Day-to-day spending can run on a stablecoin card such as Plasma One, topped up as you go. One rule: never leave an amount sitting there that you could not afford to lose. A few hundred dollars in transit, not a savings balance.
If your budget allows only one and you are still hesitating, keep the bank. A card is replaced in a week; deposit protection and a banking history are not, and they are exactly what you need when you are building a life abroad.
Cashback paid in euros or dollars is a price reduction, end of story. Cashback paid in XPL is the receipt of a digital asset: a value at the date of receipt, then a gain or loss when you sell. Depending on your country of tax residence that can be two reportable events, and in every case it means keeping a record of each payout. On an everyday card, that is dozens of lines a year. For someone who organised their expatriation precisely to simplify their tax life, that is a hidden cost to weigh against the 4%.
Open a Xapo Bank account
A real USD + Bitcoin bank, worldwide VISA card, around 3.35% yield, Gibraltar deposit protection. With code UGD-NEB-JZ, 500 USD in Bitcoin after 33 days of paid membership: year one lands around 500 USD net. Non-US and non-UK residents. (affiliate link: see our disclosure)
Frequently asked questions
Xapo or Plasma One: which one?
They do not do the same job. Xapo keeps money: licensed bank, deposit protection, contractual yield of about 3.35% on USD, statements institutions accept, for around 1,000 USD a year. Plasma One spends money: a card on a stablecoin wallet you hold yourself, with no guarantee and no supervisor. If you keep only one, keep the bank.
Is Plasma Platinum cheaper than Xapo membership?
No, and the direct comparison misleads. 1,000 USD a year is a fixed cost. Locking 100,000 XPL for twelve months ties up about 12,000 USD in a volatile asset: a 30% drawdown costs roughly 3,600 USD, more than three years of membership. The full arithmetic is in our Plasma One review.
Can I use both?
Yes, and it is usually the most rational answer: savings and paperwork at the bank, daily spending on the card, with only small amounts passing through.
Which one accepts US residents?
Neither. Xapo refuses US and UK residents; Plasma One excludes the United States. See our guide to US bank accounts instead.
Which one works for a Paraguay or Panama residency file?
Xapo. Those files ask for statements from an identifiable financial institution, which a self-custodial wallet does not produce. See also our residency guides.
What about my LLC's account?
Neither: both are personal products. See the US bank account guide, and Xapo vs Wise for the company versus personal split.