The State of Neobanking

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

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Built

Total stablecoin supply


Jan 2020	$5.23B
Feb 2020	$5.23B
Mar 2020	$5.5B
Apr 2020	$9.15B
May 2020	$10.59B
Jun 2020	$11.36B
Jul 2020	$12.95B
Aug 2020	$16.28B
Sep 2020	$19.22B
Oct 2020	$21.19B
Nov 2020	$23.61B
Dec 2020	$27.07B
Jan 2021	$36.63B
Feb 2021	$50.76B
Mar 2021	$62.76B
Apr 2021	$83.56B
May 2021	$102.35B
Jun 2021	$109.62B
Jul 2021	$114.66B
Aug 2021	$118.05B
Sep 2021	$127.37B
Oct 2021	$131.87B
Nov 2021	$148.38B
Dec 2021	$162.53B
Jan 2022	$173.21B
Feb 2022	$184.08B
Mar 2022	$187.1B
Apr 2022	$186.79B
May 2022	$158.73B
Jun 2022	$152.79B
Jul 2022	$152.83B
Aug 2022	$152.6B
Sep 2022	$149.5B
Oct 2022	$145.64B
Nov 2022	$141.06B
Dec 2022	$137.46B
Jan 2023	$136.62B
Feb 2023	$134.6B
Mar 2023	$131.73B
Apr 2023	$129.9B
May 2023	$128.9B
Jun 2023	$127.7B
Jul 2023	$125.28B
Aug 2023	$124.84B
Sep 2023	$123.45B
Oct 2023	$124.01B
Nov 2023	$127.85B
Dec 2023	$130.1B
Jan 2024	$134.75B
Feb 2024	$140.2B
Mar 2024	$150.17B
Apr 2024	$159.32B
May 2024	$160.25B
Jun 2024	$161.15B
Jul 2024	$164.16B
Aug 2024	$170.17B
Sep 2024	$172.93B
Oct 2024	$173.2B
Nov 2024	$195.15B
Dec 2024	$205.45B
Jan 2025	$218.2B
Feb 2025	$225.09B
Mar 2025	$234.2B
Apr 2025	$241.01B
May 2025	$245.98B
Jun 2025	$251.98B
Jul 2025	$264.56B
Aug 2025	$281.66B
Sep 2025	$296.05B
Oct 2025	$305.94B
Nov 2025	$305.23B
Dec 2025	$306.66B
Jan 2026	$304.36B
Feb 2026	$307.3B
Mar 2026	$313.16B
Apr 2026	$317.27B
May 2026	$317.57B
Jun 2026	$309.56B
Jul 2026	$303.87B
Aug 2026	$307.34B
Sep 2026	$311.2B
Oct 2026	$311.59B

Updated Oct 9, 2026

DefiLlamaSumcap Research

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First-wave crypto cards, 2015 to 2017

Card	Launched	Where
E-Coinlater Wirex	Jan 2015	Sold worldwide from London; USD cards first
Cryptopay	Mid-2015	UK and Europe
Shiftwith Coinbase	Nov 2015	US, 24 states; the first US-issued bitcoin debit card, per Coinbase
Bitwala	Dec 2015	Europe, from Berlin; euro balance
BitPay	May 2016	US, all 50 states; an international card from May 2017
TenX	2017	Sold worldwide from Singapore; EU only from 16 Oct 2017

E-Coinlater WirexJan 2015
Where
Sold worldwide from London; USD cards first
CryptopayMid-2015
Where
UK and Europe
Shiftwith CoinbaseNov 2015
Where
US, 24 states; the first US-issued bitcoin debit card, per Coinbase
BitwalaDec 2015
Where
Europe, from Berlin; euro balance
BitPayMay 2016
Where
US, all 50 states; an international card from May 2017
TenX2017
Where
Sold worldwide from Singapore; EU only from 16 Oct 2017

Updated Oct 6, 2026Launch reports and archived card pagesSumcap Research

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Crypto card launches, 2023 to 2026


Gnosis Pay	Jul 2023 (shipping Feb 2024)	Monavate	Self-custodial	Visa	EEA, UK and Switzerland	EURe, GBPe or USDC.e on Gnosis Chain	Consumer card and web app close 20 Dec 2026, B2B only after.
RedotPay	Nov 2023	Reap	Hybrid	Visa	100+ countries, not US or mainland China	USDT, USDC, BTC, ETH held in the app	Hybrid: custodial account by default, plus an optional self-custody Smart Contract Vault the card can also spend from.
KAST	2024	Rain	Custodial	Visa	170+ countries (KAST's figure)	USD balance funded with USDC or USDT (10+ chains)	Cards live by Sep 2024; no dated launch announcement.
Ether.fi Cash	Sep 2024	Rain	Self-custodial	Visa	100+ countries incl. 31 US states, UK and most of the EU	USDC, or USDC borrowed against ETH or BTC, on OP Mainnet	Launched in Hong Kong first, not in the US at launch. Moved from Scroll to OP Mainnet in Apr 2026.
Avalanche Card	Feb 2025	Rain	Self-custodial	Visa	Latin America, the Caribbean and most US states	USDC, USDT, AVAX or WAVAX on Avalanche	n/a
Phantom Cash	Dec 2025 (early access)	Bridge + Lead Bank	Not stated	Visa	US, not New York	CASH stablecoin on Solana	n/a
MetaMask (US)	Feb 2026	Cross River Bank, with Baanx	Self-custodial	Mastercard	US (nationwide)	USDC, USDT, mUSD or wETH on Linea, Base, Solana or Monad	US general availability 26 Feb 2026. The card has run in the EU, UK and other markets since 2024.
Hyperbeat	Apr 2026	Rain	Self-custodial	Visa	Outside the US	USDC or USDT on HyperEVM, or credit against BTC, ETH or HYPE	Card terms date from 27 Nov 2025 and small spend shows from Jan 2026. Apr 2026 is the Liquid Banking launch.
Plasma One	Jun 2026 (private beta from Mar 2026)	Rain	Self-custodial	Visa	Global ex-US	USDT (USDT0) on Plasma	n/a
Krak (US)	Aug 2026	Lead Bank	Custodial	Visa	US	USD and 600+ assets held in Krak, converted at payment	Krak's card has run in the UK and EEA since Nov 2025.
Wirex One	Sep 2026 (beta from Jun 2026)	Wirex	Self-custodial	Visa	66 countries, not US	Stablecoin balances (USDC, EURC) on Arc	Announced 20 May 2026, closed beta with 20k+ users from June, public launch 16 Sep 2026.
Ethena Pay	Sep 2026 (beta)	Rain	Self-custodial	Visa	48 countries, not US or EU	USDe on Avalanche	Beta opened 1 Sep 2026. Small early-access spend from Jul 2026.
MoneyGram	Sep 2026 (Colombia)	Rain	Not stated	Visa	Colombia	USDC on Stellar	Virtual only at launch. Physical card and more markets planned for late 2026.

Updated Sep 30, 2026Card terms and launch announcementsSumcap Research

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Monthly crypto card spend by programme


Sep 2025	$280.4M	$12.8M	$19.9M	$49.3M	$46.1M	$408.4M
Oct 2025	$292.0M	$28.6M	$28.8M	$62.1M	$54.9M	$466.2M
Nov 2025	$275.0M	$37.2M	$32.5M	$66.4M	$72.7M	$483.7M
Dec 2025	$282.2M	$42.7M	$47.2M	$68.6M	$78.0M	$518.8M
Jan 2026	$282.4M	$57.7M	$49.3M	$96.2M	$87.6M	$573.2M
Feb 2026	$269.5M	$56.0M	$45.5M	$156.1M	$84.0M	$611.2M
Mar 2026	$309.5M	$60.1M	$53.0M	$198.1M	$109.2M	$729.8M
Apr 2026	$315.7M	$66.6M	$62.0M	$204.4M	$119.8M	$768.6M
May 2026	$339.7M	$76.2M	$75.0M	$217.7M	$139.6M	$848.2M
Jun 2026	$356.9M	$77.3M	$76.0M	$228.0M	$136.2M	$874.5M
Jul 2026	$395.1M	$89.6M	$93.1M	$251.7M	$184.7M	$1.01B
Aug 2026	$403.6M	$104.8M	$100.8M	$297.3M	$182.7M	$1.09B
Sep 2026	$403.2M	$113.8M	$118.1M	$321.3M	$238.7M	$1.2B

Updated Oct 19, 2026

PaymentscanSumcap Research

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Monthly transactions and active addresses


Aug 2025	5,691,955	68,200
Sep 2025	5,690,193	98,021
Oct 2025	6,011,171	113,373
Nov 2025	6,108,232	134,602
Dec 2025	6,704,889	171,453
Jan 2026	7,408,830	205,434
Feb 2026	7,650,937	233,146
Mar 2026	8,970,753	259,210
Apr 2026	9,257,904	250,873
May 2026	9,812,588	256,929
Jun 2026	9,745,485	258,022
Jul 2026	10,561,793	261,615
Aug 2026	11,075,027	287,636
Sep 2026	11,521,130	298,365

Updated Oct 19, 2026

PaymentscanSumcap Research

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What happens when you tap

Authorization

about 2 seconds

Youcard or phone

Shopterminal or checkout

Shop's bank

Visa or Mastercard

Issuer and processor

App

RequestYes

At approval, the app pays

inside the same 2 seconds

Custodial appThe issuer checks its own ledger. Nothing moves onchain.

Self-custodial appStablecoins move from your wallet to the issuer.Gnosis Pay: about 2 seconds

Settlement

once a day, 1 to 2 days later

Shopis paid

Shop's bank

Visa or Mastercard

Issuerpays one net amount

Sumcap Research

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The card stack, and what each layer keeps

LayerWhoKeeps

App

RedotPay

Ether.fi

KASTand the restWhat is left of interchange, about $0.88 per $100 in the US, plus FX spread and fees

SettlementIssuer and network

Rain in USDC, 7 days a weekNo fee: collateral is locked, and whoever holds the balance earns the float

Processors

Lithic

Thredd

Paymentology

Marqeta

Stripe (Bridge)A small cut per swipe (Marqeta about 16bps), plus $0.10 per virtual card, $3.50 physical, $15 per dispute

Issuers

Reap51.4%

Rain38.9%

Wirex6.3%

Monavate1.0%The sponsor's share, usually 10-30% of issuing-side interchange; the whole infrastructure layer takes about 20bps

Networks

Visa96%

Mastercard4%About 13-15bps plus fixed fees, none of the interchange

Updated Sep 13, 2026

Paymentscan

VisaSumcap Research

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Visa stablecoin settlement, card programmes

Stablecoin settlement, annualized run rate

Stablecoin-linked card programmes


settlement	Sep 2025	FY25	2.5
settlement	Nov 2025	US launch	3.5
settlement	Apr 2026	9 chains	7
settlement	Sep 2026	Latest	20
programs	2024	2024	40
programs	2025	2025	90
programs	Sep 2026	Latest	160

Updated Sep 30, 2026

VisaSumcap Research

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30-day spend by app, issuer and processor


RedotPay	$392.7M	Reap	Thredd and Paymentology
Ether.fi	$118.7M	Rain	Lithic
KAST	$98.1M	Rain	Lithic
Karta	$44.5M	Rain	Lithic
Plasma One	$20.6M	Rain	Lithic
Tria	$15.0M	Rain	Lithic
Wirex One	$39.9M	Wirex	Not disclosed
Coca	$8.0M	Wirex	Not disclosed
Gnosis Pay	$8.0M	Monavate	Not disclosed

Updated Sep 13, 2026

PaymentscanSumcap Research

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Card processors and the apps they run

Processor	Runs for (issuer)	Apps
Lithic	Rain	Ether.fi CashKASTPlasma OneTriaKarta
Thredd	Reap	RedotPay
Paymentology	RainRedotPay	RedotPay
Marqeta	Pathward	Coinbase Card
Stripe	Lead Bank	Phantom

Lithic
Issuer
Rain
Apps
Ether.fi CashKASTPlasma OneTriaKarta
Thredd
Issuer
Reap
Apps
RedotPay
Paymentology
Issuer
RainRedotPay
Apps
RedotPay
Marqeta
Issuer
Pathward
Apps
Coinbase Card
Stripe
Issuer
Lead Bank
Apps
Phantom

Updated Oct 6, 2026Processor, issuer and app announcementsSumcap Research

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Unsettled spend over a week (illustrative)


Mon	1	1
Tue	1	1
Wed	1	1
Thu	1	1
Fri	1	1
Sat	2	1
Sun	3	1
Mon	1	1

Updated Sep 30, 2026

Visa

RainSumcap Research

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What the app keeps from $100 of spend

Per $100 of spend	US prepaid cardIn person	EU cardIn person, in the EU	Offshore cardOnline, at an EU shop
Interchange earned	+$1.40	+$0.20	+$1.15
Scheme, processor and sponsor	−$0.52	−$0.23	−$0.45
Cross-border network fee	–	–	−$0.80 to −$1.00
FX spread	$0.00	+$1.00	+$1.00
Net per $100	$0.88	$0.97	$0.70 to $0.90

Updated Oct 7, 2026Federal Reserve EU interchange rulesSumcap estimatesSumcap Research

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Where the $2.50 a shop pays on $100 goes


Shop pays	Shop's bank and network	$1.10
Shop pays	Interchange	$1.40
Interchange	Network	$0.12
Interchange	Processor and sponsor	$0.40
Interchange	App	$0.88

Sumcap estimates, US prepaid card, in person

Updated Sep 30, 2026Federal Reserve

Visa

PaymentscanSumcap Research

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Share of card spend by programme


Sep 2025	68.7%	3.1%	4.9%	0.7%	22.6%
Oct 2025	62.6%	6.1%	6.2%	0.8%	24.3%
Nov 2025	56.8%	7.7%	6.7%	1.3%	27.5%
Dec 2025	54.4%	8.2%	9.1%	1.4%	26.9%
Jan 2026	49.3%	10.1%	8.6%	1.6%	30.4%
Feb 2026	44.1%	9.2%	7.4%	1.3%	38.0%
Mar 2026	42.4%	8.2%	7.3%	2.4%	39.7%
Apr 2026	41.1%	8.7%	8.1%	3.6%	38.5%
May 2026	40.0%	9.0%	8.8%	4.0%	38.2%
Jun 2026	40.8%	8.8%	8.7%	4.5%	37.2%
Jul 2026	39.0%	8.8%	9.2%	5.8%	37.2%
Aug 2026	37.0%	9.6%	9.3%	4.0%	40.1%
Sep 2026	33.7%	9.5%	9.9%	4.1%	42.8%

Updated Oct 19, 2026

PaymentscanSumcap Research

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Custody, rewards and fees by programme

Programme	Rewards	What it charges	Net, before interchange
Self-custodial
Ether.fi Cash	3-4% in ETHFI since Sep 2026	$199 to $999 a year, 1-1.5% FX	-$18.2M
Gnosis Pay	1-4% in GNO, ended 30 Sep	No FX markup; card closes 20 Dec	-$2.5M
Tria	1.5-6% by tier, in USDT	$25 to $250 a year, 1% FX	-$1.3M
Plasma One	2-4% in XPL, paid weekly	$199 a year or locked XPL, up to 1% FX	-$845k
Karta	No cashback; referral points	1.5% on every payment	n/a
Wirex One	0.5-8% in USD, set by WPAY held	0% FX, no subscription	n/a
Coca	1-8%, set by COCA staked	$5 physical card, 0% FX	n/a
Ethena Pay	4-5% in AVAX by monthly spend	No FX markup	n/a
Custodial
RedotPay	3% on Apple/Google Pay with Pro, to $18 a month	1% conversion, 1.2% FX	n/a
KAST	1.5-3% by tier in USD, plus points	$0 to $10,000 a year, 0.5-1.75% FX	n/a
Custody not confirmed
Kolo	2% in BTC for 30 days, then 1%	0% on stablecoins, 0.3-1% on other crypto	n/a

Self-custodial

Ether.fi Cash
Rewards
3-4% in ETHFI since Sep 2026
Charges
$199 to $999 a year, 1-1.5% FX
Net
-$18.2M
Gnosis Pay
Rewards
1-4% in GNO, ended 30 Sep
Charges
No FX markup; card closes 20 Dec
Net
-$2.5M
Tria
Rewards
1.5-6% by tier, in USDT
Charges
$25 to $250 a year, 1% FX
Net
-$1.3M
Plasma One
Rewards
2-4% in XPL, paid weekly
Charges
$199 a year or locked XPL, up to 1% FX
Net
-$845k
Karta
Rewards
No cashback; referral points
Charges
1.5% on every payment
Net
n/a
Wirex One
Rewards
0.5-8% in USD, set by WPAY held
Charges
0% FX, no subscription
Net
n/a
Coca
Rewards
1-8%, set by COCA staked
Charges
$5 physical card, 0% FX
Net
n/a
Ethena Pay
Rewards
4-5% in AVAX by monthly spend
Charges
No FX markup
Net
n/a

Custodial

RedotPay
Rewards
3% on Apple/Google Pay with Pro, to $18 a month
Charges
1% conversion, 1.2% FX
Net
n/a
KAST
Rewards
1.5-3% by tier in USD, plus points
Charges
$0 to $10,000 a year, 0.5-1.75% FX
Net
n/a

Custody not confirmed

Kolo
Rewards
2% in BTC for 30 days, then 1%
Charges
0% on stablecoins, 0.3-1% on other crypto
Net
n/a

Updated Oct 10, 2026Card terms and fee schedulesSumcap Research

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Ether.fi Cash, retention by cohort


Early cohorts	Apr to Aug 2025	7,336	0	7,336	100.0%
Early cohorts	Apr to Aug 2025	7,336	1	5,929	80.8%
Early cohorts	Apr to Aug 2025	7,336	2	5,472	74.6%
Early cohorts	Apr to Aug 2025	7,336	3	5,147	70.2%
Early cohorts	Apr to Aug 2025	7,336	4	4,860	66.2%
Early cohorts	Apr to Aug 2025	7,336	5	4,617	62.9%
Early cohorts	Apr to Aug 2025	7,336	6	4,364	59.5%
Early cohorts	Apr to Aug 2025	7,336	7	4,263	58.1%
Early cohorts	Apr to Aug 2025	7,336	8	4,111	56.0%
Early cohorts	Apr to Aug 2025	7,336	9	4,018	54.8%
Early cohorts	Apr to Aug 2025	7,336	10	3,934	53.6%
Early cohorts	Apr to Aug 2025	7,336	11	3,805	51.9%
Early cohorts	Apr to Aug 2025	7,336	12	3,762	51.3%
Sep 2025 promo	Sep 2025	21,490	0	21,490	100.0%
Sep 2025 promo	Sep 2025	21,490	1	5,178	24.1%
Sep 2025 promo	Sep 2025	21,490	2	3,958	18.4%
Sep 2025 promo	Sep 2025	21,490	3	3,385	15.8%
Sep 2025 promo	Sep 2025	21,490	4	3,161	14.7%
Sep 2025 promo	Sep 2025	21,490	5	2,941	13.7%
Sep 2025 promo	Sep 2025	21,490	6	2,785	13.0%
Sep 2025 promo	Sep 2025	21,490	7	2,672	12.4%
Sep 2025 promo	Sep 2025	21,490	8	2,620	12.2%
Sep 2025 promo	Sep 2025	21,490	9	2,515	11.7%
Sep 2025 promo	Sep 2025	21,490	10	2,449	11.4%
Sep 2025 promo	Sep 2025	21,490	11	2,453	11.4%
Later cohorts	Oct 2025 to Feb 2026	29,168	0	29,168	100.0%
Later cohorts	Oct 2025 to Feb 2026	29,168	1	18,696	64.1%
Later cohorts	Oct 2025 to Feb 2026	29,168	2	15,448	53.0%
Later cohorts	Oct 2025 to Feb 2026	29,168	3	14,124	48.4%
Later cohorts	Oct 2025 to Feb 2026	29,168	4	12,924	44.3%
Later cohorts	Oct 2025 to Feb 2026	29,168	5	12,119	41.5%
Later cohorts	Oct 2025 to Feb 2026	29,168	6	11,572	39.7%

Sep 2026 is left out (data to 27 Sep)

Updated Sep 30, 2026Sumcap Research

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Ethena Pay, weekly yield earned vs paid out


Jul 13, 2026	$43.54	-$63.90	-$849.41	-$869.77
Jul 20, 2026	$70.45	-$86.43	-$1,261.36	-$1,277.34
Jul 27, 2026	$104.36	-$123.20	-$1,249.00	-$1,267.84
Aug 3, 2026	$177.98	-$205.82	-$1,786.92	-$1,814.76
Aug 10, 2026	$249.93	-$280.53	-$2,248.42	-$2,279.02
Aug 17, 2026	$369.61	-$282.39	-$1,229.57	-$1,142.35
Aug 24, 2026	$424.92	-$575.07	-$3,013.42	-$3,163.57
Aug 31, 2026	$1,959.14	-$1,207.62	-$3,695.17	-$2,943.65
Sep 7, 2026	$3,525.76	-$2,634.22	-$8,974.04	-$8,082.50
Sep 14, 2026	$3,409.68	-$3,396.97	-$8,190.36	-$8,177.65
Sep 21, 2026	$3,319.08	-$3,374.36	-$15,590.87	-$15,646.15

Updated Oct 10, 2026

DuneSumcap Research

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User cost vs user value, per programme


Ethena Pay	$82.48	n/a	$3.99	n/a
Plasma One	$48.17	n/a	$37.24	n/a
Ether.fi Cash	$212.62	$213 to $217	$98.45	n/a
Gnosis Pay	$78.92	$74 to $84	$7.69	$8 to $15
Tria	$300.00	$217 to $300	$52.00	$26 to $68
Coca	$21.00	$3 to $64	$1.80	$1 to $4
Wirex One	$26.00	$13 to $77	$3.50	$2 to $5
Karta	$5.45	$2 to $16	$36.53	$17 to $54
Kolo	$8.28	$3 to $21	$5.23	$2 to $10
KAST	$92.99	$28 to $298	$38.56	$15 to $74
RedotPay	$10.29	$8 to $15	$13.43	$3 to $25

Some values are Sumcap estimates

Updated Oct 11, 2026

PaymentscanSumcap Research

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