TLDR Tech / Crypto
Who actually banks the stablecoin neobanks?
A hands-on test of five stablecoin neobanks (RedotPay, EtherFi, KAST, Avici, and Gnosis Pay) found EUR-to-stablecoin round-trip costs on a €5,000 test ranged from about $2 to over $130, with RedotPay's OpenPayd-powered account charging the highest effective fee (2%) and taking ~60 hours to clear, while Avici's Iron-powered account had near-zero fees but an invasive week-long KYC process. USD rails were cheaper and more uniform across providers ($2–$16 round-trip via ACH), with Bridge, Due, Noah, OpenPayd, and Monerium identified as the main vendors powering these neobanks' banking infrastructure behind the scenes.
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