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

Odaily Galaxy investor Will Nuelle stated in an interview reflecting on 2025 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 payment method, but rather as an entry point for emerging markets to access US dollars, allowing users to spend their savings assets that serve as alternatives to local currencies through card formats. Consequently, Galaxy increased its related investments, funding projects like Rain and RedotPay. Looking ahead to 2026, Galaxy is focusing on areas such as on-chain lending, savings net interest margin, securitization, and perpetual equity, and believes that stablecoins are reshaping the banking and deposit systems, gradually transforming the internet into a "bank."