In 2020 Angela Strange wrote that Every Company Will Be a Fintech Company. The thesis set the stage for the rapid growth of financial infrastructure as a service. While much of this prediction still holds, the fintech landscape is evolving in two significant ways—through stablecoins and self-custodial wallets, which are redefining financial infrastructure.

We have seen the meteoric rise of neobanks like Revolut, Monzo, Nubank, and others reaching profitability with over 1 billion combined customers. Many of the leading neobanks leveraged Banking-as-a-Service (BaaS) as a launch pad and then later moved on to either partner with banks directly or become banks themselves.

Neobanking-style apps are here to stay, both for individual and business banking. However, in its current form, it is unclear if BaaS providers will stand the test of time over the next decade. Not only are many venture-backed BaaS providers facing troubles or closing down shop, but many are losing key banking partners along the way.

Meanwhile, a superior infrastructure alternative is gaining massive traction: stablecoins.

Stablecoins are becoming increasingly mainstream, with several major players already making significant moves: