Guy Young says the biggest winners of the neobank boom weren't the neobanks, but Circle and Tether "We looked at the pretty insane growth that we've seen in the segment of the market in terms of how many neobanks, and also just the growth in terms of user numbers and spend." "In some senses, the biggest beneficiaries of that weren't actually the neobanks themselves. It was kind of Circle and Tether." "They're all built on someone else's stablecoin, basically, and they were able to monetize the NIM and the float at Circle and Tether." "And for us, in an end state, we think that's a pretty unsustainable kind of revenue structure if you're losing what should be one of the largest revenue drivers within the business to someone else."