Ethena Pay vs Plasma One
Side by side at your spend: what each card pays back after fees and FX, where you can get it and what it includes.
Short answer: At $2,000 a month in Australia, Ethena Pay pays back $54.00 a month and Plasma One costs $31.58 a month more than it pays back. Ethena Pay comes out $85.58 a month ahead. At $500 a month, Ethena Pay comes out $15.75 ahead. At $5,000 a month, Plasma One comes out $13.39 ahead. In Asia-Pacific, Ethena Pay comes out $59.58 a month ahead at the same spend. Plasma One’s figure at $5,000 a month is for a plan that needs XPL locked. In our own tests, Ethena Pay’s purchases in AUD cost 1.08% over the market rate (4 purchases), and Plasma One’s purchases in AUD cost 3.13% over the market rate (3 purchases). Only Plasma One is open to people in the UK, the EU and Canada.
Terms checked How we work it out
In US dollars. FX on AUD spending is included.
Ethena Pay pays back $85.58 more a month than Plasma One at this spend.
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| Detail | Ethena Pay | Plasma One |
|---|---|---|
| Plan at this spend | Standard | Core |
| Paid in | AVAX | XPL |
| FX on your spend | 1.3% | 3.1%, measured |
| Yearly fee | None | $199 |
| Network | Visa | Visa |
| Card type | Credit | Prepaid |
| Custody | Self-custody | Self-custody |
| Available in | Australia, Asia-Pacific, Elsewhere (not Indonesia, Israel, South Korea, Nigeria, Turkey, Taiwan, South Africa) | UK, EU, Canada, Australia, Asia-Pacific, Elsewhere (not Israel, Nigeria, Turkey) |
| Perks | Earn yield | Lounge access, Travel insurance, Purchase protection, Concierge, Discounts & offers, Earn yield, Metal card |
Plasma OneFX marked measured is what we paid on our own purchases. The rest are worked out from each card's terms. How we work out FX
General information only. These figures are calculated from the spend you enter and the card terms we've collected. We haven't considered your objectives, financial situation or needs, and this isn't a recommendation. Consider whether a card suits you and read the provider's terms before applying. Figures are estimates, terms change, and crypto is volatile.
Ethena Pay
- 4% back on the first $2,500 a month on the free Standard tier
- No issuance, monthly or subscription fee, and no Ethena Pay FX markup
- Self-custodial: the card is secured by assets in your own wallet
- Cashback is paid in AVAX, so its dollar value moves with the market
- Standard pays 1% from $2,500 to $4,000 and nothing above $4,000 a month
Plasma One
- Entry 2% cashback free, no fee, no stake (Lite)
- No FX fee on Platinum: Plasma covers Visa's fee
- Self-custodial stablecoin balance (you own the funds)
- Cashback is worked out in US dollars but paid in XPL, Plasma's own token, so what it's worth moves with XPL's price
- Not open to people in the US
More: other comparisons, every card at your spend, or the cashback list.