The Rollup Sam Kazemian: The Neobank App Store Era Is Here
Oct 19, 2026
Sam Kazemian, founder and CEO of Frax, explores the rise of stablecoin-powered neobanks. He unveils FraxNet as an app store for cards, vaults, tokenized assets, and DeFi services. They discuss composable financial products, direct business custody, shared KYC across apps and chains, agent-style wallets, and FraxUSD’s role in a possible Q4 crypto rally.
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FraxNet Turns Neobanking Into An App Store
- FraxNet is becoming a neobank app store because retail users, stablecoin businesses, and RWA holders need different financial workflows.
- Its planned apps include cards, invoicing, receivables, compliance, accounting, and direct stablecoin credit.
Neobanks Are Moving Beyond Partner Bank Rails
- Neobanks can increasingly own more of their financial stack by issuing stablecoins instead of merely partnering with banks and using someone else's dollar rails.
- Sam Kazemian sees the EtherFi and Athena collaboration as positive-sum, though overlapping cards and stablecoins may pressure economics.
FraxNet Designed Around Composable Cards
- FraxNet considered embedding an EtherFi app, then expanded the idea into a general platform that can import multiple cards and route activity.
- The architecture must operate at the runtime layer to compose cards, payment rails, and compliance flows across chains.