$320B in USD stables, with USDT still ~60% of supply, makes the neobank race a distribution war over default balances, not a UX skin. Plasma One, Tria, UR, Payy and Osero are all chasing checking-account stickiness while Circle/Coinbase are doing the same at the venue layer with Hyperliquid USDC, because whoever owns the spend balance captures float, interchange, FX spread, and data. The catch is brutal: cards, IBANs and yield drag you back into KYC, issuer risk and freeze controls, so the winning app may feel bankless while looking very bank-shaped under the hood.

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