Synapse/Evolve froze tens of thousands of accounts in 2024 with no exploit and no depeg, just a busted BaaS ledger between the app and its partner banks. That is the same failure surface crypto neobanks inherit: self-custody covers the wallet balance, but card spend still runs through issuer BIN risk, network rules and compliance checks at auth time. Better product design means multi-rail failover, explicit stablecoin segregation, and plain disclosure that a card swipe is a regulated API call even when the funding leg starts from USDC.

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