Castle Labs’ latest research report indicates that the infrastructure of crypto “on-chain banks (Onchain Banks)” is accelerating toward maturity. Data shows that, as of November 2025, the monthly transaction volume of crypto cards has risen to $406 million—an all-time high—of which Visa stablecoin-linked cards have reached an annualized transaction scale of $3.5 billion. The stablecoin payment platform RedotPay’s annualized payment volume has also exceeded $10 billion. In addition, Cash, a non-custodial crypto card product under etherfi, has contributed approximately 50% of protocol revenue, with about 300,000 accounts and nearly 70,000 active cards. The research report believes that on-chain banks are gradually moving from scenarios such as payments, savings, and lending toward a traditional new-style bank (Neobank) model.