Editor's note: Ten years ago, new fintech banks improved the banking experience through mobile applications, yet did not change the underlying system of capital operation. Today, cryptographic technology is attempting to reach deeper transformations, reconstructing "how money flows."

This article examines the development path and competitive landscape of crypto new banks from four dimensions of "store, spend, grow, borrow": from self-custody wallets and stablecoin payments to on-chain trading, lending, and yield mechanisms. The author Jay Yu (a member of the Pantera Capital research and investment team) suggests that, guided by the velocity of fund circulation, the breakthrough for crypto new banks may first appear in high-frequency, high-turnover scenarios of value addition and lending, gradually extending to payments and storage.

Before issues of privacy, compliance, real-world connections, and credit systems are fully resolved, crypto new banks remain in the early exploration stage. However, it is clear that they are not just new financial applications but are trying to build an entirely new track for fund operation.

The following is the original text:

Introduction

No matter which bank or fintech application you open today—be it Bank of America, Revolut, Chase, or SoFi—there is a familiar feeling when you scroll down the interface: Accounts, Pay & Transfer, Earn Yield. These interfaces are almost interchangeable.

This high degree of similarity in design reveals the commonality of banking operations at a fundamental logical level: banks, in essence, are a visual representation of the four core relationships we have with "money":

• Store: a place to keep and hold assets
• Spend: a mechanism for everyday expenditures and transfers
• Grow: a set of tools for passive or active wealth management
• Borrow: a channel to acquire external funds and leverage

In the past decade, the proliferation of mobile technology has driven the rise of new bank applications like SoFi, Revolut, and Wise. They have made financial services more inclusive and redefined the meaning of "going to the bank"—replacing physical outlets with intuitive, always-online digital interfaces.

Today, as cryptographic technology enters its second decade, a new paradigm is emerging. From self-custody wallets and stablecoins to on-chain credit and yield mechanisms, the permissionless and programmable nature of blockchain ensures that the banking experience can become globalized, instantaneous, and composable.

If mobile internet birthed new banks, then cryptographic technology is nurturing a permissionless new bank: a unified, interoperable, self-custodial interface that enables users to store, pay, grow, and borrow funds within the on-chain economy.

The History of Fintech Neobanks

Similar to the rise of the crypto industry, new banks emerged after the financial crisis of 2008. Unlike traditional banks that replicate the layout of physical branches, new banks function more like technology platforms, providing banking services through mobile interfaces.

Most new banks cooperate with traditional banks in the back end, with the latter providing deposit insurance and compliance infrastructure, while new banks control the front-end user relationships. With rapid account opening processes, transparent fee structures, and designs centered on digital experiences, many new banks have gradually become the preferred entry point for users to store money, spend money, and manage wealth.

Looking back at the growth paths of these new banking startups, which have achieved valuations in the billions, a common trait can be identified: they master user relationships through unique digital product forms, whether through refinancing services, early wage access, transparent forex rates, or other differentiated functions, thus starting a user-centric transaction volume flywheel and gradually expanding their product matrix to monetize existing users.

In simple terms, the victory of fintech new banks lies in their control over the "entry point to money": by reshaping the mediums through which users store, spend, manage, and borrow money, they firmly occupy the interface layer of capital interaction.

Today, the crypto industry is at a similar juncture as new banks were 5-10 years ago. In the past decade, crypto has birthed a series of its own "wedge products":

• censorship-resistant asset storage through self-custody wallets
• low-barrier digital dollars through stablecoins
• permissionless credit markets represented by protocols like Aave
• and a 24/7 global capital market, capable of converting internet memes into vehicles for wealth

Just as the mobile internet infrastructure opened the new bank era, programmable blockchains are providing a permissionless financial underlying architecture.

The logical next step is to combine these permissionless back-end capabilities with user-friendly front-ends reminiscent of new banks. The first generation of new banks moved the front end of banks from physical outlets to mobile interfaces, while today's crypto new banks are doing the opposite—they preserve the convenient mobile experience while beginning to change the underlying path of capital flow from traditional banking tracks to stablecoins and public blockchains.

In other words, if new banks rebuilt the front end of banking atop the mobile internet, cryptographic technology offers an opportunity: to rebuild the back end of banking atop a permissionless track.

The Landscape of Crypto Neobanks

The landscape of crypto new banks

Today, more and more projects are gradually converging under the vision of "crypto neobank." We are already seeing the foundational capabilities surrounding storage, spending, growth, and borrowing gradually taking shape on the permissionless crypto track:

• self-custody asset storage through hardware wallets like Ledger
• daily payments through Etherfi cards or Bitget QR codes
• trading on platforms like Hyperliquid to achieve asset growth
• on-chain lending through protocols like Morpho

Meanwhile, many supporting participants are underpinning the underlying infrastructure, including: Wallet-as-a-Service, stablecoin settlement systems, compliance license services, localized deposit and withdrawal channel partners, and cross-protocol orchestration routers, among others.

In certain cases, crypto exchanges themselves, such as Binance and Coinbase, are also aligning with fintech new banks, attempting to capture the core relationships between users and their assets.

For example, Binance Pay now supports payments for over 20 million merchants worldwide; while Coinbase allows users to automatically earn up to 4% in rewards just by holding USDC on the platform.

In such a complex and multi-layered crypto new bank ecosystem, it is essential to systematically delineate this landscape: how are different crypto platforms competing in an attempt to become the "primary financial relationship interface" for users? Which specific aspects of saving, spending, wealth management, and lending are they targeting?

Saving with Crypto

To truly achieve self-custody of crypto assets and interact with the blockchain, users must first possess some form of crypto wallet. Roughly, the crypto wallet ecosystem can be divided along two dimensions: one is the axis of security ↔ ease of use, the other is the axis of consumer-grade applications ↔ enterprise-grade infrastructure.

In different quadrants, differentiated winners with strong distribution capabilities have emerged:

• Ledger represents secure, consumer-focused hardware wallets;
• Fireblocks and Anchorage provide secure enterprise-grade wallet infrastructure;
• MetaMask, Phantom, and Privy focus on consumer-facing wallets aimed at enhancing usability and user experience;

Turnkey and Coinbase Prime occupy more of a "high accessibility + enterprise-grade" infrastructure position.

Using wallet applications as an entry point to build new banks has the core advantage of the wallet front end—such as MetaMask and Phantom—often controlling the entry layer of user interaction with crypto assets. The so-called "fat wallet thesis" posits that the wallet layer captures the vast majority of consumer-facing distribution capacity and order flow, while the cost for end users to switch wallets is extremely high.

This is indeed the case: currently, around 35% of Solana's transaction volume is completed through Phantom wallets. This moat, constructed by superior mobile experiences and user stickiness, is quite impressive.

Additionally, since consumers (especially retail investors) often prioritize convenience over price, wallets like Phantom and MetaMask can charge commission rates of up to 0.85%; in contrast, exchange protocols like Uniswap may have a single token swap fee of only 0.3%.

On the other hand, however, building a complete and profitable new bank on a single wallet platform proves surprisingly difficult. The reason lies in the fact that, for scaled profits, users must not only "store" tokens but also frequently utilize these tokens within the wallet.

Phantom, MetaMask, and Ledger may have attained recognizable brand recognition, but if users merely treat a crypto wallet as a "cash shoebox under the bed," they can hardly achieve monetization. In other words, wallets must transition into active trading and payment platforms to convert distribution advantages into revenue.

MetaMask and Phantom are evidently pushing in this direction.

For instance, MetaMask recently launched the MetaMask card, attempting to add value and monetize the existing base of crypto-native users, becoming the default solution for "spending with cryptocurrency." Phantom is also closely following with the launch of Phantom Cash and further entering the "growth money" space—integrating builder codes from Hyperliquid to provide perpetual contract trading functionalities within the app.

As Blockworks stated: "Although Drift or Jupiter may be the darlings of Solana, the real capital has already flowed to Hyperliquid."

This provides a universally meaningful lesson for the entire wallet segment: you must not only control the wallet itself but also manage the scale of funds flowing both within and beyond the wallet through behaviors such as "spend, grow, and borrow."

Spending with Crypto

The second type of competitor among crypto new banks is the platforms that allow users to make payments with cryptocurrency.

Similar to the classification of "saving with crypto," we can also categorize "spending with crypto" applications along two dimensions: one is from on-chain transfers to off-chain consumption (e.g., buying a cup of coffee); and the other is from retail consumer applications to enterprise-level infrastructure.

Interestingly, many "new bank" projects that have garnered market attention in recent months—such as Kast, Tria, Tempo, Stable—have almost all targeted the entry point of "paying with cryptocurrency." Particularly in two major areas, market interest has been especially concentrated:

Applications aimed at retail consumers that integrate stablecoin cards, such as Avici, Tria, Redotpay, EtherFi;

Enterprise-oriented "stablecoin public chains" or "stablecoin infrastructures," such as Stable, Plasma, Tempo.

Retail side: making crypto applications more like banks

The first type of "payment applications" aimed at retail users essentially brings the user experience layer of crypto applications closer to traditional banks or fintech new banks: familiar interface labels like "Home, Banking, Card, Invest" are all present.

With the maturation of crypto card issuers like Rain and Reap, as well as the expansion of Visa and Mastercard's support for stablecoins, crypto cards themselves have gradually commoditized. The real differentiation lies not in "issuing a card," but in the ability to continually drive and retain transaction volumes—whether through innovative cashback mechanisms, localized promotional capabilities, or attracting non-crypto-native users to the platform.

This trajectory closely resembles that of the rise of fintech new banks: success has never been solely about "issuing cards" or "creating an app," but mastering a specific user group—from students (SoFi) to low-income families (Chime) to international travelers (Wise and Revolut)—and building trust, loyalty, and transactional scale on that basis.

If the path is correct, these "payment-first" crypto new banks may become vital gateways to drive the large-scale adoption of blockchain infrastructure.

Furthermore, crypto new banks may guide users toward a new generation of payment systems that surpass traditional bank card tracks.

Consumption based on bank cards may simply be a transitional phase—it still relies on Visa and Mastercard's clearing networks and inherits their centralization constraints. New signals have emerged—for instance, the Bitget Wallet has launched QR code-based stablecoin payment pilots in Indonesia, Brazil, and Vietnam. This points to a potential future: a crypto-native settlement system that may completely bypass traditional issuing institutions.

Enterprise side: stablecoin infrastructure and "stablecoin chains"

The second type of recently emerging "new bank" applications are stablecoin infrastructure projects created for enterprises, including Stable, Plasma, Tempo, Arc, etc., often referred to as "stablecoin chains."

The critical backdrop for their rise is the increasing demand from institutional players—traditional banks, fintech companies like Stripe, and existing payment networks—for more efficient capital tracks.

These "stablecoin chains" usually share similar characteristics:

• Using stablecoins as gas tokens, avoiding fee instability from fl fluctuations in custom gas token prices
• Simplifying consensus mechanisms to accelerate high-frequency, high-value payments from A to B
• Enhancing transfer privacy through trusted execution environments (TEEs)
• Customizing data fields to accommodate international payment standards like ISO 20022

However, mere technological improvements cannot guarantee adoption.

For payment-oriented public chains, the real moat is merchants. The critical question is how many merchants and enterprises are willing to migrate their business to a specific chain.

For example, Tempo attempts to leverage Stripe's vast merchant base and payment network to drive transaction volume and adoption, bringing a whole new group of merchants into the crypto track. Other chains, like Plasma and Stable, are seeking to become "first-class citizens" of Tether USDT, strengthening the role of stablecoins in inter-institution movements.

In this domain, the most enlightening case is Tron. It handles about 25-30% of the global stablecoin transaction volume.

Tron's rise is largely attributable to its advantages in emerging markets—such as Nigeria, Argentina, Brazil, and Southeast Asia. With low fees, rapid confirmations, and global coverage capabilities, Tron has become a common settlement layer for merchant payments, cross-border remittances, and USD-denominated savings accounts.

For all emerging payment-oriented public chains, Tron is a formidable existing competitor. To challenge it, one must achieve a tenfold improvement on an already "cheap, fast, and global" foundation—which often means focusing on merchant expansion and network scale rather than marginal technological optimizations.

Growing Money with Crypto

The third type of relationship that "crypto new banks" establish with users is helping users grow money. This is one of the most innovative sectors in the crypto field, giving rise to various financial primitives from 0 to 1—including staking vaults, perpetual contract trading, token issuance platforms, and prediction markets. Similar to previous sections, we can also categorize "growing money" applications along two dimensions: from passive earnings to active trading, and from front-end interfaces to back-end liquidity.

A classic example of a "growing money" application evolving into a full-featured new bank comes from centralized crypto exchanges (CEX), like Binance or Coinbase. Exchanges originally provided a simple and effective value proposition—"This is where you realize wealth growth by trading crypto assets." As trading volumes continued to rise, exchanges gradually became core locations used not only for growth but also for storing and managing assets.

Coinbase and Binance have both launched their own blockchains, wallets, institutional-grade products, and crypto cards, using new products and network effects to add value to their core user groups. For example, the adoption rate of Binance Pay has been continuously rising, with more merchants using it to accept cryptocurrency payments for everyday goods.

The same pathway has also been validated in DeFi projects. Taking EtherFi as an example: it initially started as an Ethereum liquidity staking protocol, providing passive earnings to users who re-stake ETH onto EigenLayer. Subsequently, EtherFi launched a DeFi strategy vault named "Liquid," allocating user funds into the DeFi ecosystem in pursuit of higher returns under controlled risk. Next, the project expanded to EtherFi Cash—a groundbreaking credit card product that allows users to directly spend their EtherFi balance in the real world.

This trajectory of expansion closely resembles that of fintech new banks: establishing a foothold through unique product entry points (passive staking and yield), forming a "best-in-class solution" in niche markets to gain scale, and then horizontally expanding the product matrix to monetize existing users (e.g., EtherFi card).

As of now, the crypto field has already birthed multiple innovations supporting users' "growing money": for instance, perpetual contract platforms like Hyperliquid have become some of the most profitable crypto companies; prediction markets like Polymarket are gradually entering the mainstream. Very likely, the next step for these platforms will also be to monetize through new product forms—enabling users to save more, spend more on the platform, and leverage the network scale effect.

Using "growing money platforms" as a starting point, particularly active trading platforms, has a significant advantage: high trading frequency and large transaction volumes. For example, Hyperliquid has handled transaction volumes of $30 trillion in the past 18 months. Compared to "saving platforms" and "payment platforms," "growing money platforms" possess stronger user flywheels and stickiness, which means they manage a larger "captured user pool" for conversion and monetization during subsequent expansions.

At the same time, however, these platforms are also highly dependent on market cycles and are often labeled as "financial casinos." This reputation may limit their reach to a truly global audience—after all, people's psychological expectations of "banks" and "casinos" are fundamentally different.

Borrowing with Crypto

As in traditional economic systems, borrowing capabilities are crucial engines for driving on-chain economic growth. For crypto new banks, lending is also one of the most critical and sustainable sources of revenue. In traditional finance, lending is a highly regulated activity requiring multiple reviews such as KYC, credit scores, and borrowing history; whereas in the crypto world, lending systems exist in both permissioned and permissionless modes, corresponding to different collateral capital requirements.

The mainstream model currently in the crypto realm is a permissionless, on-chain operating lending system requiring over-collateralization. DeFi giants like Aave, Morpho, and Sky (formerly MakerDAO) embody the core spirit of crypto "code is law": since blockchain inherently cannot access users' FICO credit scores or social reputation information, they can only ensure solvency through over-collateralization, sacrificing capital efficiency in exchange for broader accessibility and default risk protection.

Among them, Morpho is viewed as the next-generation evolution of this model. By introducing a more modular, permissionless system design and adopting more refined risk pricing mechanisms, it enhances capital efficiency while maintaining security.

On the other end of the spectrum lies permissioned lending. As more institutional capital allocators begin entering DeFi through market-making and other means, this model is gradually gaining adoption. Protocols like Maple Finance, Goldfinch, and Clearpool primarily target institutional users, essentially building a "traditional lending counter" on-chain. They enable institutional borrowers to obtain non-over-collateralized loans through strict KYC and off-chain legal agreements.

The moat of such protocols stems not only from liquidity (like permissionless lending pools) but also from their compliance framework and B2B business development capabilities. Additionally, in the realm of permissioned lending, there are some projects—such as Figure Markets, Nexo, and Coinbase lending products—primarily targeting retail borrowers who adopt a compliance-first approach. They require borrowers to undergo KYC and maintain over-collateralization, and in some cases, are encapsulated as upper-tier products on protocols like Morpho, such as with Coinbase Lending strategies. In these scenarios, the core appeal is often faster settlement speeds and greater accessibility for funds compared to traditional bank loans.

However, the true "holy grail" of crypto lending lies in non-over-collateralized consumer lending—this is the breakthrough field of the first generation of fintech products like SoFi and Chime, which have thus far enabled coverage of the "unbanked population." To date, the crypto industry has yet to achieve substantial breakthroughs in this area and has not succeeded in replicating the consumer credit flywheel established by fintech new banks.

The root cause lies in the lack of a robust, anti-sybil attack identity system within the crypto world, as well as the absence of sufficiently strong real-world constraints against default behavior. The only exception is "flash loans"—a form of instant, uncollateralized lending entirely born from the characteristics of blockchain mechanisms, but they primarily serve arbitrage bots and complex DeFi strategies, rather than everyday consumers.

For the next generation of crypto new banks, the key to competition may lie in advancing to this "middle ground" of the landscape: preserving the speed and transparency of permissionless DeFi while introducing the capital efficiency of traditional lending. The ultimate winners are likely to be platforms that can solve decentralized identity issues or commoditize them, thereby unlocking consumer credit and allowing crypto to genuinely rebuild the financial mechanism of "credit cards." Until then, crypto new banks may still primarily rely on over-collateralized lending as the core means to support DeFi yields.

Making Capital Flow Faster

Fundamentally, the core value proposition of crypto new banks is to make capital flow faster—just as fintech new banks like SoFi and Chime achieved over the past decade through mobile applications. Blockchain tracks essentially "flatten" the distance between any two accounts: a single transfer can complete a value transfer, without needing to navigate layers of international banks, SWIFT systems, and countless complex, outdated intermediary systems.

Although the four financial relationships of "saving, spending, growing, borrowing" utilize this "flattening effect" of blockchain in different ways and correspond to different trade-offs and monetization models, I believe they can ultimately be understood as a pyramid structure defined by **the velocity of money**.

At the top of the pyramid is growing money, exhibiting the highest velocity of capital (e.g., transaction fees of Hyperliquid); next is borrowing (monetized through interest); followed by payments (monetized through fees and forex spreads); and at the bottom is storage (primarily monetized through deposit and withdrawal fees and B2B integrations).

From this perspective, the easiest path to build crypto new banks may be to start with the growing money and borrowing layers—because these levels have the highest capital flow rates and user engagement. Protocols that first capture "value in motion" can often subsequently extend down along the pyramid to gradually convert existing users into full-stack financial users.

Opportunity Space for New Banks

So, what might be the next step for crypto new banks? Where exactly are the opportunities to build the next generation of permissionless new banks?

I believe there are still several (interrelated) directions worth further exploration:

1) Privacy and compliance parity

2) Real-world composability

3) Full utilization of "permissionlessness"

4) Localization vs. globalization

5) Non-over-collateralized lending and consumer credit

1. Privacy and Compliance Parity

Stablecoins and the crypto track have clear advantages over traditional financial systems in speed and ease of use. However, to genuinely compete head-to-head with fintech new banks and established banking systems, crypto new banks must achieve functional parity on two key dimensions: privacy and compliance.

Although privacy has not been universally seen as a necessity in retail consumer scenarios, and stablecoins have achieved large-scale adoption despite lacking strong privacy guarantees, as more enterprise-level applications—such as payroll, supply chain financing, and cross-border clearing—migrate on-chain, privacy becomes critical. This is because the public visibility of B2B transfers could leak trade secrets and sensitive information. I believe this is one of the significant reasons many recently launched stablecoin chains emphasize privacy capabilities in their roadmaps.

Conversely, crypto new banks also need to reflect on how to achieve parity in compliance with their predecessors. This includes gradually building a global regulatory moat and licensing system, and proving to consumers and merchants that crypto solutions are on par with traditional finance in compliance—potentially leveraging new technological pathways like zero-knowledge proofs. Only by addressing both enterprise-level privacy and compliance credibility can crypto new banks genuinely achieve scaled expansion that surpasses fintech predecessors.

2. Real-World Composability

Composability is often seen as a core advantage of the crypto track—relying on uniform standards, frameworks, and smart contracts. However, in reality, such composability is frequently limited to within the crypto world: among DeFi primitives, yield protocols, and (mostly EVM) blockchains.

The real challenge of composability lies in how to bridge blockchain standards with legacy standards in the real world: for instance, international banking systems like SWIFT, merchant POS systems, and standards like ISO 20022, as well as local payment networks like ACH and Pix. With the rise in popularity of crypto cards and the increased use of stablecoins in cross-border payments, positive advancements in this direction are already emerging.

Moreover, most current crypto card products still primarily serve crypto-native users, essentially acting as withdrawal tools for "crypto whales." However, the true challenge for crypto new banks is to breakthrough the crypto-native demographic, bringing in entirely new user groups through real-world composability and genuinely innovative financial primitives. Platforms that solve the composability issue will substantially lead in user experience for deposits and withdrawals, thus bearing user scale more efficiently.

3. Fully Utilize Permissionlessness

At its core, the goal of crypto new banks is to reshape a more efficient monetary standard: instant settlements, global liquidity, infinite programmability, and free from the bottlenecks imposed by any single entity or government.

Today, anyone with a crypto wallet can trade, transfer, or earn without an intermediary from fiat systems. Crypto new banks should fully leverage this permissionless nature, accelerating capital flow, and constructing a more efficient financial system.

On the crypto track, global capital flows at internet speed, and its coordination mechanism is no longer administrative orders but incentives and games. The next generation of new banks will utilize the permissionless nature of blockchain, enabling new primitives such as perpetual contracts, prediction markets, staking, and token issuance to quickly integrate with existing financial tracks.

In economies with high stablecoin penetration, there might even be opportunities to build permissionless bank card networks—systems similar to Visa or Mastercard but in the opposite direction: not exchanging stablecoins for fiat at the consumption end, but defaulting to on-chain settlement; to accommodate traditional payment methods, fiat would be "wrapped" as stablecoins on-chain.

Furthermore, "permissionlessness" may not only apply to human users; it could also give rise to an agentic economy. For AI agents, obtaining a crypto wallet is far easier than opening a bank account; empowered by stablecoins, AI agents can autonomously initiate on-chain transactions with user authorization or preset rules. Permissionless new banks serve as the foundational base and interactive interface for this "human-agent economy."

4. Localization vs. Globalization

Crypto new banks also face a strategic choice: depth vs. breadth.

Some may choose a path similar to Nubank's by establishing dominance in a single region through deep localization, cultural alignment, and regulatory understanding, before expanding outward; others may adopt a global-first strategy, launching permissionless products on a global scale and doubling down in areas with the strongest network effects.

Both paths are valid: the former relies on local trust and distribution, while the latter depends on scale and composability. Stablecoins may serve as the "highway" for international payments, but crypto new banks still need "local outlets"—deep integration with regional systems like Pix, UPI, Alipay, VietQR, etc., to achieve true local usability.

Especially, crypto new banks have unique opportunities to serve the "unbanked population," providing capital access valued in dollars or crypto to regions with weak financial infrastructure or unstable local currencies. In the future, regional "super apps" and globally composable new banks may coexist for the long term.

5. Non-over-Collateralized Lending and Consumer Credit

Finally, non-over-collateralized lending and consumer credit may be the true "holy grail" for crypto new banks.

This issue encompasses multiple challenges mentioned earlier: it requires a robust, anti-sybil attack identity system; it needs to bridge off-chain credit records with on-chain accounts; it must address the differences in credit models across regions and be compatible with traditional systems. For this reason, non-over-collateralized lending in DeFi is currently primarily concentrated in the realm of institutional private lending rather than consumer credit—despite the latter being much larger in scale in traditional finance.

Part of the answer may come from innovative mechanisms. Flash loans are a naturally uncollateralized lending form born from blockchain characteristics. Similarly, smart looping credit lines built around stablecoins and income-earning assets, real-time LTV management, automatic liquidation buffers, and auto-repayment of yield might gradually lower collateral requirements.

Once successful, on-chain consumer credit would significantly boost capital velocity, providing strong on-chain incentives for unbanked populations and, similar to the credit expansions in the real world, propel overall economic growth.

Conclusion

Just as the rise of fintech new banks reshaped the banking industry a decade ago, crypto new banks are also attempting to redefine how we save, spend, grow, and borrow in the digital age. The difference is that fintech new banks primarily innovated the front-end interface, while crypto new banks seek to update the back end of banking itself—building a global, composable, censorship-resistant value transfer method through stablecoins and public blockchains.

Therefore, crypto new banks are not just an application interface but could serve as the gateway to a programmable financial system.

Of course, this path has just begun. Building a truly "full-stack crypto neobank" goes far beyond just issuing a crypto card or a UI-endowed wallet protocol. It requires a clear target demographic and rapid expansion along the product matrix, establishing advantages in areas with high capital flow rates first.

If future crypto new banks can make continuous breakthroughs in privacy and compliance, real-world composability, permissionlessness, local and global strategies, as well as consumer credit, they have the potential to evolve from a marginal entry point for digital assets into the default operating system for the global economy.

Just as the first generation of new banks changed the "interface" of banking with mobile internet, this generation may rewrite the underlying logic of money itself with cryptographic technology.

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