The Bank of Italy ran some tests comparing USDC vs traditional rails across 9 corridors. Verdict: "no systematic cost advantage" over traditional channels.
This conclusion is wrong, because their methodology is wrong, or at least outdated.
Read their cost table. The onchain leg averaged 0.4% of total cost (as low as 0.01%) and settled in under 15 minutes everywhere. Nearly everything else was fiat friction: funding fees, a 3.8% card surcharge, retail exchange spreads, withdrawal fees.
They tested the journey a CEX user faces today: bank transfer in, exchange trade, chain, exchange trade, bank transfer out. That architecture is exactly what onchain neobanks identified as the problem.
This is why virtual accounts/cards are becoming the ramp: fiat lands in your own named account, conversion happens inside the stack, exist via your self-custodial card. There are still fees, but they are much lower.
3/ Cards and virtual accounts are the new front door.
90% ship a card, 65% a virtual account, only 54% still integrate a crypto-fiat ramp.
The module vendor's KYC flow is often the first thing a new neobank user sees.