Castle Labs’ latest research report indicates that the infrastructure for crypto “on-chain banks” is accelerating toward maturity. Data shows that, as of November 2025, the monthly transaction volume of crypto cards has risen to $406.0 million, a new all-time high, including that Visa’s annualized transaction volume for stablecoin-linked cards reaches $3.5 billion. In addition, the stablecoin payment platform RedotPay’s annualized payment volume has exceeded $10 billion. Furthermore, etherfi’s non-custodial crypto card product Cash has contributed about 50% of protocol revenue, with around 300,000 accounts and nearly 70,000 active cards. The research report believes that on-chain banks are gradually shifting from use cases such as payments, savings, and lending to the traditional new banking (Neobank) model.