It's basically a crypto service that converts your dollars to stable coin and then lends it out using some decentralized finance standards. It is
not FDIC insured. In my opinion, it seems a bit misleading for them to compare their rates to a bank account's rate, although they do acknowledge elsewhere that they are not a bank.
Maybe there is some nuance to this, or I don't understand the benefits, but I would stay away from it unless you fully understand it.