Stablecoin Neobanking Sector Surpasses $1 Billion in Monthly Flows

The stablecoin neobanking sector has reached a major milestone in July, with total flows into these platforms exceeding $1 billion for the first time ever. This marks the fifth consecutive month of records, with spend reaching a record $748 million, up 19% from June.

RedotPay remains the dominant force in this space, processing $382 million in July alone and accounting for more than half of the sector's total volume. The Hong Kong-based platform has grown to over 6 million registered users across 100 countries while processing over $10 billion in annualized payment volume.

EtherFi Cash, a non-custodial Visa card, is gaining attention for its unique approach and features such as direct pay and borrow mode, which allows users to pledge assets like restaked ETH as collateral. The card offers up to 3% cashback on monthly spending, with idle balances earning yield even while available to spend.