Plasma, a stablecoin startup backed by Peter Thiel, is offering 10% cashback on Grand Theft Auto VI pre-orders made with its Plasma One card, a promotion timed to the game's launch this week. Rockstar Games opened GTA 6 pre-orders on June 25 ahead of a November 19 release on PlayStation 5 and Xbox Series X|S. The cashback promotion runs from June 25 through 19:00 UTC on June 28 and is paid in XPL, Plasma's own cryptocurrency, which has fallen sharply since its launch.
Plasma Announces Promotion Terms for GTA 6 Cashback Offer
The offer runs from June 25 through 19:00 UTC on Sunday, June 28, according to Plasma's promotion terms. It applies only to pre-orders bought directly from the PlayStation Store or Xbox Store, not Steam, gift cards, or resellers. The standard edition of GTA 6 costs $79.99 and the Ultimate edition $99.99, so a full 10% rebate would return about $8 to $10 on a single copy.
Cashback is capped at $100 per user, and eligibility is limited to about two dozen countries, including the United States, United Kingdom, Canada, and Australia. Plasma can reclaim the reward if a pre-order is later canceled or refunded. The reward is paid in XPL, Plasma's own cryptocurrency.
XPL Token Declines 95% from September 2025 Peak
XPL debuted on September 25, 2025 with a market capitalization above $2.4 billion, trading as high as roughly $1.54 in its first sessions. The launch came with heavy momentum: Plasma's network went live the same day with about $2 billion in stablecoin deposits and scaled past $5.5 billion within its first week.
By late October, XPL had crashed about 80% from its high as hype faded. The token has continued to slide and now trades near $0.10, down roughly 95% from its peak.
Peter Thiel and Founders Fund Back Plasma Through Multiple Funding Rounds
Plasma is one of the more heavily funded names in stablecoin infrastructure, and Thiel has been involved through several rounds. Bitfinex led an early seed round of about $3.5 million in late 2024. In February 2025, Plasma raised a $24 million round led by Framework Ventures, with participation from Thiel, Bitfinex, and Tether CEO Paolo Ardoino. Thiel's venture firm, Founders Fund, made a further strategic investment later in the year.
The biggest raise came from the public. In July 2025, Plasma closed an oversubscribed token sale that brought in $373 million, far above its original $50 million target. The company is building a Bitcoin-based blockchain designed to move stablecoins, the dollar-pegged tokens at the center of the current crypto boom, with fee-free transfers for basic stablecoin payments. The Plasma One card, issued on Visa through partner Rain, is its push into consumer spending.
Take-Two Projects $8 Billion Net Bookings Driven by GTA 6 Launch
The promotion attaches Plasma to one of the year's largest consumer events. GTA 6 is among the most expensive video games ever made, and publisher Take-Two Interactive projects net bookings of $8 billion to $8.2 billion for the year, about 20% growth driven by the launch. Take-Two shares rose roughly 4% the morning pre-orders opened.
FAQ
What is Plasma's cashback offer for GTA 6 pre-orders?
Plasma is offering 10% cashback on Grand Theft Auto VI pre-orders made with its Plasma One card. The promotion runs from June 25 through 19:00 UTC on June 28 and applies only to purchases made directly from the PlayStation Store or Xbox Store. Cashback is paid in XPL, Plasma's cryptocurrency, and is capped at $100 per user.
How much has Plasma's XPL token declined since its launch?
XPL debuted on September 25, 2025 with a market capitalization above $2.4 billion, trading as high as roughly $1.54 in its first sessions. The token now trades near $0.10, down roughly 95% from its peak. By late October, XPL had crashed about 80% from its high as hype faded.
How did Peter Thiel back Plasma?
Peter Thiel and his venture firm, Founders Fund, participated in multiple funding rounds for Plasma. Thiel participated in a $24 million round led by Framework Ventures in February 2025, and Founders Fund made a further strategic investment later in the year. Plasma also raised $3.5 million in a seed round led by Bitfinex in late 2024 and $373 million in a token sale in July 2025.
