Report reveals stablecoin neobanks depend on a concentrated set of banking and infrastructure vendors.
DeFi & Yields ·
A recent examination of stablecoin neobanks identified that a small number of banking and infrastructure vendors power most platforms in this sector. Researchers conducted deposit and withdrawal tests across leading neobanks to evaluate fees and vendor coverage, revealing significant variation in foreign exchange pricing—some platforms charged approximately 2% FX spreads while others offered rates near mid-market levels.
The concentration of vendor dependencies raises questions about systemic risk within the neobank ecosystem. When a limited set of providers handles critical infrastructure for multiple competing platforms, disruptions at any single vendor could cascade across the sector. The findings suggest that apparent competition among neobanks may mask underlying reliance on shared backend systems and banking partners.
What remains unclear is whether this vendor concentration reflects unavoidable regulatory or technical constraints, how many distinct vendors actually serve the market, or whether individual neobanks are aware of or actively managing their exposure to these chokepoints.