Full-stack crypto card platforms disrupt banking intermediaries
Full-stack card issuance platforms like Rain and Reap are capturing more value by bypassing traditional banking intermediaries and settling directly on payment networks.
The argument
The guest argued that instead of relying on banking intermediaries (like Cross River Bank or Lead Bank) which require complex setups and KYC/KYB layers, full-stack platforms collapse the entire stack. This allows for native stablecoin settlement directly onto networks like Visa, reducing friction and potentially avoiding tax-triggering fiat liquidation events.
The thesis, stress-tested
✓ What validates it
- ✓Widespread rollout of native stablecoin settlement on major payment networks
- ✓More brands and institutions partnering with full-stack issuers like Rain rather than traditional program managers
▸ Risks discussed
- ▸Uncertainty around the regulatory and operational status of Visa's native stablecoin pilot program
- ▸High capital requirements for platforms to operate as full-stack issuers
Hear it yourself
"And so what'll happen there is instead of having to go through a banking intermediary and having all this bank account stuff set up for you and having to go through all this KYC, KYB stuff with the bank, you actually do it directly with Rain. So Rain settles directly onto the Visa network instead of having to go through a bank."
00:00 / 00:18
AFFILIATE LINK · ZORTIX MAY EARN A COMMISSION · NEVER A RECOMMENDATION TO TRADE