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Ethena Pay vs Plasma One

Ethena Pay scores higher on the G2M score: 83/100 against 61/100 (#1 and #16 of 26 cards). Ethena Pay also comes out ahead on cashback, a lower FX fee and more countries.

Ethena Pay83

#1 of 26 · 4% to 5% back · annual fee none

Get EthenaRead the review
Plasma One61

#16 of 26 · 2% to 4% back · annual fee none

Get PlasmaRead the review

The short answer

  • Ethena Pay scores higher on the G2M score: 83/100 against 61/100 (#1 and #16 of 26 cards).
  • Ethena Pay pays more cashback on its entry tier: 4% against 2%. Higher tiers go up to 5% on Ethena Pay and 4% on Plasma One.
  • Neither card has an annual fee.
  • Ethena Pay charges less on foreign currency: a 1% FX fee against 2%.
  • Ethena Pay lists 48 countries where it works; Plasma One does not publish a full country list (1 confirmed so far). Of the markets we check for every card, only Ethena Pay is confirmed in UAE, and only Plasma One is confirmed in United States.
  • Both are self-custodial.

Want the answer for your own spending, or the next tier up of each? See what each keeps you a year or pick tiers and add a third card.

Side by side

Detail
Ethena Pay
Plasma One
G2M score
83 (better)
61
Base cashback
4% (better)
2%
Max cashback
5% (better)
4%
Paid in
AVAX, daily
XPL, weekly
Annual fee
Free
Free
FX fee
1% (better)
2%
Top-up fee
0% (better)
0.15%
Per-purchase fee
None listed
None listed
ATM
$1 + 0.65% per withdrawal
$2 + 2% per USD withdrawal; physical card only, up to $1,000 a withdrawal and 3 a day
Network
Visa
Visa
Card type
Spend
Spend
Custody
Self-custodial
Self-custodial
Formats
virtual
virtual, physical
Apple / Google Pay
Yes / Yes
Yes / Yes
India
No
Unclear
UAE
Yes
Unclear
United States
No
Yes
United Kingdom
No
Unclear
EU / EEA
No
Unclear
Countries
48
Growing list of countries, full list not published; the US in 31 states
Bank account (IBAN or account number)
In your name
In your name
Send money to a bank account
Not confirmed
19 currencies
Buy and sell crypto with fiat
Buy and sell
Buy and sell
Spend against crypto without selling
No
No
Yield on your balance
Yes
Yes
Tiers
Standard · Pro · VIP
Lite · Core · Platinum
Perks
Works on Arbitrum, Ethereum, Optimism and Polygon · 5% a year on your balance, up to $5,000, paid daily in USDe · 6% a year on your balance, up to $100,000, paid daily in USDe · 6% a year on your balance, up to $1,000,000, paid daily in USDe
Earn on your balance until you spend it (variable rate) · Free USDT transfers on Plasma · 1 free virtual card · 5% on AI merchants (first $250 a month) · ChatGPT Go subscription

Highlighted values are the better of the two. “Not published” means the issuer does not state it. Card data last checked 25 Oct 2026; see each card's review for its sources.

Questions

Which is better, Ethena Pay or Plasma One?

Ethena Pay scores higher on the G2M score: 83/100 against 61/100 (#1 and #16 of 26 cards). Ethena Pay also comes out ahead on cashback, a lower FX fee and more countries. The better card for you depends on where you live and how you spend; the G2M calculator works it out for your own spending.

Which has lower fees, Ethena Pay or Plasma One?

Neither card has an annual fee. Ethena Pay charges less on foreign currency: a 1% FX fee against 2%.

Which pays more cashback, Ethena Pay or Plasma One?

Ethena Pay pays more cashback on its entry tier: 4% against 2%. Higher tiers go up to 5% on Ethena Pay and 4% on Plasma One.

Which works in more countries, Ethena Pay or Plasma One?

Ethena Pay lists 48 countries where it works; Plasma One does not publish a full country list (1 confirmed so far). Of the markets we check for every card, only Ethena Pay is confirmed in UAE, and only Plasma One is confirmed in United States.

Who holds my funds with Ethena Pay and Plasma One?

Both are self-custodial.

More comparisons

Scores use the same rules for every card (how the score works). Referral links never change a score or rank. Not financial advice.