Plasma One's Top 1% Drove 44% of Last Week's Card Spend
Paymentscan has published on-chain measurements covering the first 100 days of Plasma One, the stablecoin card account that opened publicly on 17 June. Card spend over that period comes to $60.8M. The distribution behind the total is narrow.
The top 1% of users accounted for 44% of last week's spend
Last week's card spend came to $6.23M. The top 1% of users were behind more than 44% of it and the next 9% behind more than 38%, so the top tenth of users drives more than 80% of spending.
That shape changes how the other figures read. Tens of thousands of active users and $60.8M of card spend describe the same product but not the same behaviour: the average across all users is nowhere near what a typical user spends, because a small group pulls the mean up.
Returning spenders make up more than 90% of weekly activity
Registrations converted into repeat use rather than a single trial. More than 90% of the users who spend in a given week are returning spenders. Before the 17 June launch 25,566 users had registered, and the user base more than doubled in the 30 days that followed. Android support arrived in July and was followed by five consecutive weeks of five-figure user growth.
924 users have locked 100,000 XPL each to reach Platinum
Platinum sits at the top of Plasma One and requires locking 100,000 XPL. 924 users have done that, which Paymentscan values at more than $11M, or roughly 3.5% of the circulating XPL float. The tier carries 4% base cashback, 10% on AI and flight spending, and no FX fee.
Locked positions of that size explain most of the spend concentration. The tier paying the highest cashback is also the tier with the highest cost of entry, so the users earning 4% are the users who could put about $12,000 of a single token out of reach.
Balances reached $28.04M, split close to evenly between liquid and Earn
Balances across Plasma One hit a record $28.04M this week, with liquid balances and Earn deposits at roughly 50:50. Earn returns 4.93% APY at present, which Paymentscan puts at about $600,000 annualised across all deposits.
On the WXPL cashback program, the ratio between WXPL balances sitting in user accounts and cumulative cashback paid has held between 0.5 and 0.7, excluding tokens locked for card tiers. At face value that means most cashback stays in the account instead of being sold.
Anyone using these figures to judge Plasma One is looking at two separate answers. The totals show the card is used repeatedly rather than once. The distribution shows most of that use sits in the tier that asks for a five-figure token lock first.
Sources: Paymentscan on X.
