In 2015, launching a neobank meant years of negotiating with a sponsoring bank, card networks, and regulators. In 2026, a team of five engineers launches a financial product on stablecoins in a matter of weeks. Fintech expert Artem Lyashanov, who has been building payment products for over 10 years, explains what exactly is behind this change.
Four waves of fintech
The path to the current point consisted of four successive waves:
- The first wave (2000–2010)
PayPal and ING Direct moved banking online, but the infrastructure under the hood remained the same, only the access channel to the same banking rails changed.
- Second Wave (2010–2018)
Chime, N26, Revolut, and Monzo all delivered better customer experiences, but they all ran on the same infrastructure: sponsoring bank, BaaS provider, card networks, ACH/SWIFT, compliance vendors. When everyone is on the same infrastructure, differentiation comes down to card color and sign-up bonuses.
- Third Wave (2018–2023)
Stripe and Plaid made it easier to access the same banking rails, but didn’t change the rails themselves; this phase lowered the barrier to integration, not the cost of infrastructure.
- Fourth Wave (2024 and beyond)
This is the first wave that changes not the access channel or the speed of integration, but the economics of launching a financial product as such.
What exactly changes the stack on stablecoins
The difference between a traditional stack and a stack on stablecoins is manifested in several dimensions at once:
- Launch cost;
- Time to launch;
- Team size;
- Transfer calculation;
- Cross-border payment.
The main consequence is that specialization becomes economically viable.
Previously, expensive infrastructure forced each neobank to be a mass product for millions of users, otherwise the economy simply did not converge. Now narrow niche products become viable: for freelancers, digital nomads, the creative economy, small businesses in countries with weak credit infrastructure.
What remains unchanged
The fall in the cost of infrastructure does not mean the disappearance of the regulatory barrier:
- KYC/AML compliance remains mandatory;
- Regulatory licenses are not going anywhere;
- Product quality is still more important than the choice of infrastructure.
What FinTech Products Win:
- Account Opening Speed;
- Personalization through AI and Real-Time Analytics;
- Lower Commissions due to Lower Operating Costs;
- Ecosystem.
What Traditional Banks Hold Their Ground On:
- Regulatory Supervision and Deposit Protection Are Still Associated with a Classic Bank;
- The Full Spectrum of Complex Financial Products Still Remains the Territory of Banks;
- Older Clients Choose Banks for a Sense of Security;
- Human Support in Banks Is Still Better Than Digital Support in FinTech Companies.
This Dynamics is Especially Close to the Ukrainian Market, Because Startups Have Always Competed with Limited Capital and a Long Licensing Cycle. The Fall in the Cost of Launching a Financial Product from Millions of Dollars to Hundreds of Thousands Directly Lowers the Barrier to Entry for Teams That Previously Couldn’t Afford a Traditional Stack.
Frequently Asked Questions
What is a Stack on Stablecoins in Simple Words?
This is the infrastructure for launching financial products where settlements are made through stablecoins (cryptocurrencies pegged to stable assets) instead of traditional banking rails.
Why is a stablecoin stack so much cheaper than a traditional one?
A traditional stack requires direct contractual relationships with a sponsoring bank, card networks, and numerous compliance vendors, which costs millions of dollars and takes a year to a year and a half. A stablecoin infrastructure eliminates a significant portion of these intermediaries, reducing the cost to tens to hundreds of thousands of dollars and the launch time to a few weeks.
Does this mean that regulatory requirements for fintech disappear?
No. KYC/AML compliance and regulatory licenses remain mandatory regardless of the choice of infrastructure; the cost of technical implementation changes, not the regulatory perimeter.
