Your Plasma One wallet is a non-custodial smart account. Your funds are held onchain, not by Plasma. When you spend with your card, you sign a transaction authorizing the movement of your funds onchain from your wallet to settle the transaction. When you use Earn, your funds are deployed into third-party DeFi vault contracts through Veda.
Your wallet is secured by Privy, a Stripe company, which provides enterprise-grade key management trusted by leading financial institutions. Privy ensures that only you can authorize transactions from your wallet: not Plasma One, not Privy, and not any other third party.
What this means for you:
You are the sole owner of your wallet and its funds
Your funds exist on-chain and are secured by the blockchain, not held in a centralised system
Your wallet keys are protected by Privy's infrastructure, backed by the same security standards behind Stripe
Your funds are held in your non-custodial wallet onchain and are not held by Plasma. However, Plasma One's services are subject to applicable laws and regulations, and Plasma may be required to restrict access to certain features or transactions as required by law.