From 2024 onward, neobanks have moved from “nice mobile apps” to full-stack financial interfaces running on stablecoin rails.
They now sit between users and the banking system, controlling deposits, FX, payments, and savings from a single screen.
Under the hood, a growing share of that activity is migrating to tokenized dollars and tokenized treasuries.
This is not a feature war, it’s a structural shift in who owns deposits, margins, and payment flows.
If you care about the future of banking, you now have to treat neobanks and stablecoins as one combined system.
Key Takeaways
- Neobanks have scaled into system-level aggregators, handling hundreds of millions of users and trillions in annual transaction value.
- Stablecoins and tokenized treasuries allow neobanks to offer yield and FX pricing that legacy banks struggle to match under today’s regulatory models.
- On-chain settlement is undercutting ACH, SWIFT, and SEPA on speed, cost, and availability, especially for cross-border payments
From App-Based Banks to Stablecoin-Native Platforms
The first wave of neobanks focused on UX: no branches, sleek apps, and low-fee cards. That phase is over.
Today’s neobanks are:
- Managing 400+ million of customer relationships.
- Processing transaction volumes in the range of $10 trillion per year.
- Offering multi-currency wallets, savings, investing, and even credit under a single brand.
Source: Neobanking Statistics 2026
At the same time, stablecoins have shifted from a crypto niche to a major settlement layer:
- Stablecoins process transaction volumes measured in tens of trillions of dollars annually, rivaling and in some cases surpassing global card networks.
- Market capitalization for leading stablecoins has climbed into the hundreds of billions of dollars.
The convergence is simple: neobanks own the front end (the app people use), and stablecoins increasingly power the back end (how value actually moves and earns yield).
Why This Is a Structural Threat to Legacy Banks
Three dynamics are driving structural pressure on traditional banks:
1. Deposit Migration
Younger users are increasingly treating neobanks and super-apps as their primary financial interface.
In markets like Brazil, digital-only banks already serve a large share of the population, with players like Nubank crossing the 100 million customer mark.
Deposits that would traditionally sit in local banks are now parked in neobank accounts and, indirectly, in stablecoin and money-market reserve structures.
2. Yield Migration via Tokenized Treasuries
Stablecoin issuers and tokenization platforms hold large pools of short-term government debt that generate interest income.
Neobanks can package that yield into simple savings products, reward programs, or yield-bearing stablecoin balances.
Legacy banks, constrained by deposit insurance frameworks and product classification rules, cannot easily pass through real-time market yields on tokenized assets to retail depositors.
3. Rail Migration to Always-On, Programmable Money
Stablecoins provide 24/7 settlement, programmable payouts, and composable APIs.
Neobanks can reduce dependence on card schemes, correspondent banks, and batch-based clearing systems.
For users, this shows up as faster transfers, cheaper FX, and more flexible payouts across borders.
Banks keep their regulatory licenses, balance sheet strength, and wholesale funding role, but they’re losing control over the interfaces and rails that users touch every day.
Settlement Rails: ACH, SWIFT, SEPA vs Stablecoin Networks
Traditional rails were built for a batch-based, business-hours world. Stablecoins were built for an API-native, global internet.
Settlement Comparison (Retail / SME Context)
| Rail / Network | Typical Speed (Customer View) | Typical Fees / Markups* | Geographic Coverage |
| ACH (US) | 1–3 business days; some same-day options | A few dollars per transfer; slow settlement | US only |
| SWIFT (wires) | 1–5 business days | Often $35–$50+ plus intermediary bank fees | Global, bank-to-bank |
| SEPA Credit Transfer | Same day or next business day | Low explicit fees; FX markups on cross-currency | Eurozone + SEPA area |
| Stablecoins (USDC/USDT on major chains) | Seconds to finality, 24/7/365 | Network fees often under a cent per transfer; total corridor cost often under a few percent | Global, internet-native |
The Neobank Stablecoin Stack
Stablecoins make it possible to build a product stack that is difficult for legacy banks to replicate without major structural change.
Custody and Multi-Currency Wallets
Neobanks increasingly expose:
- Fiat balances (local currency accounts).
- “Digital dollar” or euro balances via stablecoins.
- Crypto exposure and tokenized assets, often in a regulated, simplified interface.
Instead of separate banking and “crypto” apps, the neobank becomes a single, multi-rail wallet:
- Users see balances in their local currency, USD, and occasionally in stablecoins directly.
- Behind the scenes, the neobank can route value via card rails, local RTGS systems, or stablecoins, depending on cost and speed.
Yield via Tokenized Treasuries and Stablecoins
Stablecoin issuers and tokenization platforms hold reserves in short-term Treasuries and other cash equivalents, which generate yield.
Neobanks can:
- Partner to offer yield-bearing stablecoin balances.
- Wrap tokenized T-bill exposure into accounts that feel like high-yield savings with real-time liquidity.
- Build simple, app-native experiences around assets that previously required brokerage accounts.
The constraint for legacy banks is regulatory: deposits are treated differently from investment products, and deposit insurance frameworks limit how aggressively banks can repackage market yields for retail users.
Cross-Border Payments and Remittances
For cross-border flows, neobanks can:
- Use stablecoins to move value across borders almost instantly and at low network cost.
- Convert into local fiat via in-house FX engines or partners.
- Offer near real-time delivery in many corridors where traditional wires still take days.
From a user’s perspective, there is no “crypto experience”, just faster and cheaper international transfers inside their usual banking app.
Neobanks Leading the Stablecoin Shift
The clearest way to see the transition is to examine how leading neobanks and adjacent players are embedding stablecoin rails.
1. Revolut (EU / Global)
Revolut has evolved from a travel-focused card into a full-stack finance app serving tens of millions of customers across dozens of countries.
Key characteristics:
- Multi-currency accounts with cards that work globally.
- Support for major stablecoins such as USDC and USDT, with simple, app-based conversion from fiat.
- The ability to spend stablecoins via standard debit card rails, making stablecoin balances functionally equivalent to cash for everyday spending.
- Use of efficient blockchain networks to lower remittance and transfer costs, while keeping the interface familiar to traditional banking users.
Revolut shows how a mainstream neobank can push significant volume across public chains without forcing users to understand wallets, gas, or block confirmations.
2. Rizon (147+ Countries – Stablecoin-First Neobank)
Rizon is built as a global, stablecoin-first neobank from day one.
What defines the model:
- Users open a global dollar account in minutes, with stablecoins as the core balance type.
- Sending and spending are designed to be borderless by default, targeting users who live, work, and pay across multiple countries.
- Blockchain rails are abstracted away; customers see predictable fees, fast transfers, and a familiar fintech UI, not on-chain complexity.
Rizon illustrates what a neobank looks like when stablecoins are not an add-on, but the foundational rail.
3. Kea Bank (Global – Banking + Crypto Payments)
Kea Bank operates as a cross-border banking and payment platform.
Key elements:
- Fully remote account opening with multi-currency support.
- Traditional features such as bank accounts and payment infrastructure combined with “crypto payment” capabilities.
- Support for major stablecoins like USDC and USDT, aimed at businesses that want to accept and settle digital dollars.
- A focus on reducing transaction costs and settlement times for merchants selling into global markets.
Kea Bank shows how a bank-like institution can blend regulated fiat accounts with stablecoin payment acceptance to reach both crypto-native and traditional customers.
4. Kast (EU / Global – Stablecoin Neobank)
Kast is positioned as a global stablecoin account designed specifically for cross-border lives.
Core characteristics:
- Stablecoins as the primary balance and payment medium.
- Target users who earn in one currency, spend in another, and support family in a third.
- Investor backing and infrastructure optimized for cross-border payments and payouts.
- Features such as “global payouts,” which allow users to send stablecoins that are then converted into local fiat and deposited into bank accounts via licensed partners.
Kast effectively turns stablecoins into a programmable correspondent network, lowering friction for individuals and businesses that operate across borders.
5. Krak (Global – Kraken’s Neobank Play)
Krak is a payments app launched by Kraken that merges exchange functionality with everyday spending.
Key features:
- Peer-to-peer transfers and merchant payments across more than 100 countries.
- Support for both cryptocurrencies and fiat currencies in a single interface.
- A debit card that lets users spend from a large basket of crypto and fiat assets in real time, often with rewards such as cashback.
- Savings-style products (“vaults”) that pay yield on digital assets, including stablecoins.
Krak represents a crypto-first neobank design: exchange liquidity, stablecoin settlement, and card spend all converge into a single consumer app.
Looking Ahead: 2026–2030 as the Repricing Window
The direction of travel is clear:
- Neobanking transaction value is projected to exceed 10 trillion dollars annually before the end of the decade. (Neobanking Market: Global Forecast 2025-2032)
- Stablecoin volumes are already in the tens of trillions, and the asset class has matured into a core settlement layer for exchanges, fintechs, and emerging neobanks.
- Regulatory frameworks like MiCA in Europe and proposed stablecoin laws in the US are starting to formalize the market, opening the door for bank-issued and fully regulated stablecoins.
The next cycle is likely to bring:
1. Neobanks as the Default Interface for Under-40s
Younger users already default to mobile-first banking. As more payroll flows, subscriptions, and credit products concentrate in neobanks, the traditional bank account becomes a secondary tool, not the primary interface.
2. Tokenized Treasuries as the Savings Benchmark
Once users see “real” yields on tokenized cash and money-market instruments, legacy savings rates become harder to justify. Neobanks that integrate tokenized treasuries gain an advantage in customer acquisition and retention.
3. Stablecoin Settlement as a Retail Alternative to SWIFT
SWIFT will remain important for large institutional flows and complex correspondent networks. But for individuals and SMEs, stablecoin corridors already offer a faster, cheaper, and more transparent alternative.
4. Neobanks as Global Distributors of Dollars and Euros
With stablecoins representing tokenized fiat under increasing regulatory clarity, neobanks are well placed to become the primary interface for accessing foreign currencies in volatile economies.
5. The Emergence of a Fully On-Chain, Large-Scale Neobank
It is reasonable to expect at least one regulated, blockchain-native neobank to reach large scale by the end of the decade, combining fintech growth tactics with a stablecoin- and tokenization-first balance sheet.
Conclusion
Neobanks began as better-looking interfaces on top of old rails.
That story is over.
They now sit at the junction where user deposits, FX, savings, and cross-border flows meet a settlement layer increasingly powered by stablecoins and tokenized treasuries.
Traditional banks still matter for regulation, capital, and system stability, but they are gradually losing control of both the user relationship and the most profitable flows.
The institutions that adapt will integrate neobank-style UX and stablecoin-native infrastructure into their core stack.
The ones that don’t will keep watching deposits, payments, and margin leak out through apps their customers already open first.
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