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

According to Odaily, Galaxy investor Will Nuelle reflected in an interview about 2025, stating that the team initially regarded cross-border payments as a core theme, but the real unexpected gain came from the “crypto payment card” sector. He pointed out that stablecoins did not explode as a means of payment, but rather served as an entry point for emerging markets to access US dollars, allowing users to spend their savings assets, which replace local currency, through cards. As a result, Galaxy increased its investment in related areas, investing in projects such as Rain and RedotPay. Looking ahead to 2026, Galaxy is focusing on on-chain lending, savings net interest margin, securitization, and perpetual equity, and believes that stablecoins are reshaping the banking and deposit system, gradually transforming the internet into a “bank.”