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Crypto's New Frontier: Building the Next Generation of Permissionless Neobanks

Crypto Neobanks: Building the Next Generation of Permissionless Banking A new paradigm is emerging in crypto's second decade: permissionless neobanks. Unlike fintech neobanks that improved banking's front-end but kept traditional back-ends, crypto neobanks aim to rebuild the entire financial backend using stablecoins and public blockchains. They provide a unified, self-custodial interface for four core financial functions: Store, Spend, Grow, and Borrow. The landscape includes self-custody wallets (Ledger, MetaMask), payment solutions (EtherFi card, Bitget QR), growth platforms (Hyperliquid for trading), and lending protocols (Aave, Morpho). Centralized exchanges like Coinbase and Binance are also evolving into full-service neobanks. Key insights: - Success requires capturing high-velocity money flows, starting with Grow (trading fees) and Borrow (interest), then expanding to Spend and Store. - Wallet-first approaches face monetization challenges unless they drive active transactions. - Payment-focused apps must move beyond card commoditization to build unique user loyalty. - Enterprise "stablecoin chains" (Stable, Tempo) prioritize institutional efficiency and privacy. - Non-custodial lending remains crypto's "holy grail," limited by the lack of robust identity systems. Future opportunities lie in solving privacy-compliance parity, achieving real-world composability, leveraging permissionlessness for global-local strategies, and unlocking undercollateralized consumer credit. Crypto neobanks aren't just new apps—they are rebuilding the underlying rails of money itself.

marsbit02/24 04:00

RWA Weekly Report｜Significant First Decline in Asset Users; US SEC Discusses 'Gradual' Regulatory Path for Tokenized Securities, Plans to Launch Innovative Exemption Mechanism (2.15-2.24)

RWA Bi-Weekly Report (Feb 15–24): Asset Holders See First Notable Decline; SEC Explores "Progressive" Regulatory Path for Tokenized Securities According to rwa.xyz, the total Distributed Asset Value (DAV) of RWA grew from $24.14B to $25.07B, a 3.85% increase. However, the number of asset holders fell significantly from 842.2k to 710.4k, a drop of 15.65%. U.S. Treasury tokenizations saw the largest growth, rising 7% to $10.6B. Stablecoin holders increased by 9.02M, indicating broader adoption despite stablecoin market cap remaining flat. Key regulatory developments include the U.S. SEC clarifying a 2% haircut rule for broker-dealers' payment stablecoin holdings. The SEC is also considering an "innovation exemption" to allow limited trading of tokenized securities on new platforms. Additionally, a clarification was issued that RWA assets based in Hong Kong fall outside mainland China’s strict regulatory scope. In project updates, Ondo Finance integrated tokenized stocks like SPYon and QQQon into DeFi lending markets via Chainlink oracles. MSX (MyStonks) updated its platform and adopted a one-sided trading fee model to improve user experience. OneChain announced a $67M Series A funding round to develop institutional-grade RWA infrastructure. Overall, the market shows continued growth in low-risk, liquid assets like Treasuries, with regulatory bodies moving toward structured yet adaptive frameworks for tokenized real-world assets.

Odaily星球日报02/24 03:50

Bitcoin On-Chain Users Evaporate by 30%, ETFs Bleed $4.5 Billion: Where Is It Headed in the Next 3 Months?

Bitcoin's on-chain activity shows a concerning six-month decline in active addresses, dropping approximately 31% since August 2025 to around 536,000, while transaction counts remain stable. This divergence suggests reduced participation breadth despite sustained network throughput, indicating concentration among fewer entities like institutions and exchanges. Low transaction fees (averaging $0.24) reflect weak block space demand, contrasting with Bitcoin’s role as a macro-sensitive asset traded largely via ETFs and derivatives. U.S. Bitcoin ETFs have seen significant outflows ($45 billion year-to-date), shifting activity off-chain. Three scenarios emerge: continued stagnation in a risk-averse macro climate; recovery if ETF flows reverse and active addresses rebound; or structural evolution where Bitcoin becomes a settlement layer with reduced retail participation, while stablecoins dominate daily crypto transactions.

marsbit02/24 03:42

Crypto today: Markets open under pressure as Trump’s tariffs rattle risk assets

Cryptocurrency markets faced initial selling following former President Trump's imposition of 15% global tariffs, which triggered broad risk-off sentiment across financial assets. While equities and tech indices declined, Bitcoin demonstrated resilience, rebounding above $66,000 as capital rotated defensively into the leading cryptocurrency, boosting its dominance to 58–60%. Ethereum underperformed, dropping 1.72%. In a significant regulatory development, the SEC eased capital requirements for certain USD stablecoins, allowing broker-dealers to treat them as cash equivalents with a 2% haircut. This change improves balance-sheet efficiency and is expected to encourage institutional adoption. Meanwhile, infrastructure progress continued with the rollout of XRPL’s permissioned DEX and Société Générale’s euro stablecoin issuance, though XRP’s price declined amid the broader market retracement. Despite near-term price weakness, structural adoption signals continued to strengthen.

ambcrypto02/24 03:05

Has Wall Street Co-Opted Bitcoin? Bloomberg Expert Sparks Heated Debate

Bloomberg ETF analyst Eric Balchunas sparked a debate on whether Bitcoin's core value as "debasement-resistant and censorship-resistant money" remains valid despite institutional adoption and high volatility. He argued that Bitcoin’s fundamental properties haven’t changed—only the intermediaries have improved. Critics, including Oliver Renick, countered that Bitcoin’s extreme volatility makes it impractical as sound money, effectively causing repeated "debasement events." Balchunas acknowledged volatility as a sign of youth but emphasized long-term dilution resistance. The discussion highlighted a key divide: whether institutional involvement undermines Bitcoin’s original ethos or simply provides safer access.

bitcoinist02/24 03:02

Institutional Adoption Isn't Adding Value, It's Bleeding Crypto Dry

The article argues that institutional adoption of crypto is not about supporting the ecosystem but rather extracting value from it. Traditional financial institutions, such as Tether, Coinbase, Circle, and BlackRock, are generating billions in revenue from crypto through stablecoins, ETFs, and other financial products, often surpassing the economic gains of the underlying protocols. The author highlights that institutions are primarily focused on profit maximization, using crypto as a new revenue stream by packaging it into traditional financial instruments. The piece warns that the crypto economy risks becoming a source of liquidity for traditional finance, with capital being drained away rather than retained within the ecosystem. The author calls for the urgent development of crypto-native institutions—such as on-chain asset management and financial products—to keep economic value within the crypto space and prevent its absorption by traditional finance. The conclusion is that without prioritizing native crypto institutions, "institutional adoption" will lead to assimilation rather than victory for the crypto economy.

marsbit02/24 02:42

Beneath the Surface Glamour: OpenAI's 'Four Major Dilemmas'

Despite its massive user base and substantial funding, OpenAI faces four fundamental strategic challenges according to analysis by tech analyst Benedict Evans. The company lacks a durable technical moat, as multiple competitors now offer models with comparable performance, eliminating any sustained technological advantage. User engagement remains shallow, with only 5% of its 900 million weekly active users paying and 80% sending fewer than 1000 messages in 2025—equivalent to less than three prompts per day—indicating ChatGPT has not become a daily habit for most. Competitors like Google and Meta are closing the gap technologically and leveraging their distribution strengths to capture market share. Meanwhile, OpenAI’s platform strategy, which aims to build a full-stack AI ecosystem, may not create real network effects or lock-in, as users and developers can easily switch between underlying models. Additionally, the company’s product roadmap is heavily influenced by research breakthroughs rather than user-centric design, limiting strategic control. Evans concludes that without true differentiation, network effects, or ecosystem leverage, OpenAI’ position relies on execution rather than a defensible long-term strategy.

marsbit02/24 02:38

Institutional Adoption Isn't Adding Value, It's Bleeding Crypto Dry

The article argues that institutional adoption of crypto is not about supporting the ecosystem but rather a strategy to extract value from it. Traditional financial institutions, such as Tether, Coinbase, Circle, and BlackRock, are generating billions in revenue from crypto through stablecoins, ETFs, and other financial products, often capturing more economic value than the protocols themselves. The piece highlights that institutions are primarily focused on profit maximization, using crypto to create new revenue streams rather than reduce costs. The author warns that without building strong native crypto institutions to retain economic benefits on-chain, the crypto economy risks being absorbed by traditional finance, leading to value drainage rather than genuine growth. The call to action is for the crypto community to prioritize developing its own financial infrastructure to keep value within the ecosystem.

Odaily星球日报02/24 02:35

Here’s All You Need To Know About The Bitcoin Price This Week

bitcoinist02/24 02:02