Galaxy: Stablecoins Are Evolving from Payment Tools to "Internet Banking" Infrastructure

Odaily Galaxy investor Will Nuelle, in an interview reflecting on 2025, stated that the team initially viewed cross-border payments as the core theme, but the true surprise came from the "crypto payment card" sector. He pointed out that stablecoins did not explode as a means of payment, but rather as an entry point for emerging markets to access US dollars, allowing users to spend their savings assets, which serve as alternatives to local currencies, through card formats. Consequently, Galaxy has increased its related investments, backing projects like Rain and RedotPay. Looking ahead to 2026, Galaxy is focusing on areas such as on-chain lending, savings net interest margins, securitization, and perpetual equity, and believes that stablecoins are reshaping the banking and deposit systems, gradually transforming the internet into a "bank."