$607M of crypto-card spend in March with Visa routing ~72% tells you where the rent pool is: scheme access, BIN sponsorship, chargeback/risk ops and local fiat rails, not another USDC balance screen. If RedotPay can do ~$391M in a month while the long tail fights over cashback subsidies, the exit math starts looking like the exchange/neobank version of the 2019 fintech roll-up cycle. The part I’d watch is whether onchain yield or credit gets packaged inside existing distribution like OpenTrade/KAST, because interchange alone won’t carry CAC once every wallet has a card.

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