Must read below on the advantages of a stablecoin-first neobank. The core idea: whoever issues the dollar earns the revenue on the reserves behind it. A neobank holding USDC or USDT is a distribution business because the yield stays with Circle or Tether. Ethena issues USDe, so through USDe and sUSDe it captures that revenue itself. Robinhood made ~34% of 2025 revenue from net interest, Revolut ~22%, and Robinhood still splits that with partner banks. Ethena Pay's bet is that owning issuance gets you that NIM, and more of it, without a bank charter. Zooming out, banks, superapps, brokerages and now stablecoin issuers are all trying to become neobanks, and all of them are trying to win the customer's primary financial relationship. Our map of the four neobank archetypes, updated for issuer-owned models: