Original Title: "The Rise of Crypto Banks! How You Can Play with Your Money"
Author: Viktor DeFi
Translation: Baihua Blockchain
In the past few years, we have witnessed a polarization in the financial services industry: on one side are traditional banks, and on the other are the new wave of fintech companies. Now, we are witnessing the emergence of a third axis: new types of banks built around cryptocurrencies (or friendly to cryptocurrencies from the start).
Unlike conventional new bank cards, they challenge traditional banking models by incorporating DeFi elements (such as staking, on-chain yields, self-custody, and seamless cross-chain exchanges).
Essentially, your online debit card can do more than just facilitate online transactions and pay bills. The brilliance of these platforms lies in their ability to hold, spend, and invest regular currency and tokens through an application, breaking down the barriers between fiat currency banking and crypto asset management.
Key growth drivers include:
Adoption of Stablecoins: The use of USDC, USDT, and regional stablecoins in payments and remittances is increasing.
Regulatory Clarity: The EU's MiCA framework and the US's GENIUS Act provide compliant pathways.
DeFi Integration: Platforms offer annual percentage yields (APY) of 4-10% for stablecoins, while traditional savings rates are only 0.5-1%.
User Demographics: There are 93 million cryptocurrency owners in the US, with 85% preferring bank-integrated access.
Here are a few new banks I have recently tried:
1. Payy
They are a privacy-centric, stablecoin-native banking platform. On Payy, users can send and receive money with zero fees and also get a debit card for online transactions.
I used their card to pay for some of my subscription services, and the experience was seamless and fast—highly recommended. Interestingly, their rewards points program has now launched, allowing you to start trading on the app to accumulate points.
2. Tria
They have become one of the most advanced self-custody solutions, raising $12 million in pre-seed funding in October 2025. Tria offers a card that supports cryptocurrencies, allowing users to top up with over 1,000 cryptocurrencies and use it in more than 150 countries.
Their marketing is impressive, and at this rate, they may attract a large volume of transactions—especially since they already have a solid product. Tria just announced a sale on Legion, and I believe it will perform well—not only because of the new banking trend but also due to the strength of the product itself. (However, this is not financial advice.)
I had the privilege of testing their beta version, and I really liked their user interface (UI) and the additional services offered.
3. Etherfi
EtherFi (ETHFI) stands out because it was initially a restaking protocol and is now pivoting into the new banking sector. Currently, it positions itself as a crypto-native new bank, with a business model that includes debit cards, staking, yields, and cashback rewards.
They are currently running a "Triple Dip" campaign. About 400,000 $ETHFI are up for grabs—users can deposit funds into their vaults and use their cards for transactions to participate. It looks very enticing and is worth getting involved in.
4. Avici
Avici is the next-generation digital bank built for the crypto-native era. It combines the functionalities of traditional new banks with self-custody crypto wallet infrastructure, enabling users to seamlessly hold, spend, exchange, and borrow cryptocurrencies and fiat currencies.
With Visa-supported cards, access to USD/EUR accounts, default self-custody, and global coverage (in over 150 countries), Avici aims to empower people to take control of their funds.
5. Plasma One
After a successful launch in September, the Peter Thiel-backed project Plasma is set to launch Plasma One, an on-chain new bank that allows customers to spend stablecoins and earn yields on a single platform.
It is built on Plasma's Layer-1 blockchain, targeting emerging markets (around 150 countries), offering zero-fee stablecoin payments, cashback, and annual percentage yields of up to 10%.
Other Notable Projects:
Coinbase One Card
Tuyo
X Place
MetaMask Card
UR Global (by Mantle)
USX Capital (by Scroll)
It seems everyone is joining this party, and no one wants to miss out. But the question is: you can't use them all; that would spread you too thin. Choose one that is most applicable in your region and meets your needs.
On the bright side, exploring as many projects as possible is worthwhile—especially those emerging projects, to potentially score airdrops. Their KYC (Know Your Customer) requirements will naturally filter out "sybils" and lazy "farmers," so there may be significant upside potential.
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