Plasma Acquires Italian VASP, Expands European Operations for Stablecoin Infrastructure

Plasma has acquired a VASP-licensed entity in Italy and opened a Netherlands office as it pursues comprehensive European regulatory authorization for its payments infrastructure, the stablecoin-focused blockchain said in a blog post on Thursday.

The blockchain, which raised $373 million in an oversubscribed token sale in July , will apply for Crypto-Asset Service Provider authorization under the EU's Markets in Crypto-Assets (MiCA) framework. Plasma is also preparing to pursue an Electronic Money Institution license to integrate fiat on/off ramps directly into its stablecoin infrastructure.

The company has hired experienced compliance personnel including a chief compliance officer and a money laundering reporting officer to support its expanded regulatory operations in the Netherlands.

"Our aim is to set a high standard for blockchain-native stablecoin infrastructure by securing the right licenses and owning the regulated stack end to end," said Jacob Wittman, general counsel at Plasma.

The Netherlands serves as one of Europe's leading payments hubs, home to major payment service providers and merchant acquirers. Establishing operations there positions Plasma to pursue an EMI license, which enables card programs, wallet accounts, and fiat connectivity at scale for many leading payment providers.

"The Netherlands is a premier payments region. Expanding our team and regulatory presence here positions us to own more of the payments stack, from stablecoin settlement to licensed financial infrastructure," said Adam Jacobs, head of global payments at Plasma.

The licensing strategy supports Plasma One, the company's stablecoin neobank built on Plasma's infrastructure. The product provides regulated access to digital dollars with savings yield, card spending capabilities, instant transfers, and cross-border settlement.

Plasma stated that owning licenses for custody, exchange, and payment operations removes third-party risk, reduces costs, and accelerates launch timelines. Under MiCA, CASP authorization enables custody and exchange within a harmonized framework, while an EMI unlocks card issuance, stored-value wallets, and direct access to local payment rails via sponsor banks.

The blockchain launched its mainnet beta with $1 billion in stablecoin total value locked following the July token sale, which attracted over 3,000 investors and achieved more than seven times oversubscription. Plasma operates as a Bitcoin sidechain with EVM compatibility, featuring zero-fee transfers for Tether's USDT stablecoin.

The network raised $24 million in February through Seed and Series A funding rounds led by Framework and Bitfinex/Tether, with participation from DRW/Cumberland, Bybit, Flow Traders, IMC, and Nomura.

As the licensing stack expands, Plasma plans to enable other partners and builders on its network to leverage the regulated infrastructure for merchant acceptance, corridor-specific cash services, programmable payouts, and treasury tools for businesses moving dollar balances at scale.

"Plasma One carries these compliant foundations to merchants and platforms, into payroll and payouts, and across corridors where dollars are most in demand," the company stated in its announcement.

The expansion comes as stablecoin supply exceeds $300 billion globally, creating demand for compliant infrastructure that connects digital dollars to traditional payment systems. Plasma's approach contrasts with general-purpose blockchains by optimizing specifically for stablecoin payments and cross-border transfers.