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  • The State of Neobanking18/18
    • Fig. 1Total stablecoin supply
    • First-wave crypto cards, 2015 to 2017
    • Fig. 14Crypto card launches, 2023 to 2026
    • Fig. 2Monthly crypto card spend by program
    • Fig. 13Monthly transactions and active addresses
    • Fig. 3What happens when you tap
    • Fig. 4The card stack, and what each layer keeps
    • Fig. 5Visa stablecoin settlement and card programs
    • Fig. 630-day spend by app, issuer and processor
    • Card processors and the apps they run
    • Fig. 7Unsettled spend over a week (illustrative)
    • What the app keeps from $100 of spend
    • Fig. 8Where the $2.50 a shop pays on $100 goes
    • Fig. 9Share of card spend by program
    • Custody, rewards and fees by program
    • Fig. 10Ether.fi Cash, retention by cohort
    • Fig. 12Ethena Pay, weekly yield earned vs paid out
    • Fig. 11User cost vs user value, per program

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  • The State of Neobanking

    How crypto cards work under the hood, who gets paid on every swipe, and whether any of it pays back.

    18 of 18 figures built, draft