Robinhood has 11 product lines. Each one does over $100 million in revenue. That multi-product expansion took years of earning user trust and accumulating AUM before launching a single new feature. Most stablecoin neo banks are trying to skip that entire sequence. No existing deposits. No distribution. No unique market angle. Just a wallet and an expectation that the product drives volume. Jeff Morris: "There are way too many." The filter: do you have deposit volume, distribution, or a genuinely specific geographic or customer thesis? If the answer is no to all three, the neo bank is noise. EtherFi passed the filter by earning expansion rights through TVL and trust. The new entrants trying to compete with EtherFi's Cash product without EtherFi's history of earning user trust are competing on product features against a company that competes on relationship equity. For Jeff, the neo bank that wins has the relationship before the product. The one that loses has the product before the relationship.