Internet Native Money

Stablecoins are arguably one of the biggest transformations in money we’ve ever seen. The internet completely changed how the world consumes information - previously  you would have to read a newspaper, magazine, listen to the radio or tv to get what you wanted. Using the internet you were able to get all of that by accessing the digital information super highway that delivered it on-demand  to your screen. Imagine a world where that information couldn’t move on weekends, or outside of business hours. This is still where a lot of the modern financial system is, and its why stablecoins, internet-native money, is becoming one of fastest growing technologies in the world. I've been using stablecoins for over half a decade, have advised public sector institutions on stablecoin adoption, and have invested in the underlying infrastructure as a venture investor. In this essay I'll give you a quick overview of stablecoins and where I think they're heading.

What Changed in 2025

In 2025, stablecoins changed dramatically, transitioning from a tool for crypto traders into critical payments infrastructure of global enterprise money movement. This structural shift was driven by real usage, with the stablecoin market capitalization exceeding and sustaining $300 billion by late 2025 and through to early 2026. More importantly, 30 day rolling adjusted transaction volumes are on par with ACH and much larger than Visa according to data from Artemis. Outside of my crypto circles no one is paying attention to this area, and it's exactly why I’m focusing all of my attention here. It's clear as day to me that stablecoins are becoming a critical settlement rail for the public and private sector. To put simply, stablecoins are cheaper, faster, and programmable internet dollars - its better money.

Stablecoin growth has seen steady growth since late 2023

Stablecoin volumes are rivaling that of other major payment networks

Data Artemis

Regulatory legitimacy was the primary catalyst for institutional adoption in 2025. The new regime brought with it crypto friendly agendas, and with it the passage of the Guiding and Establishing National Innovation for U.S. Stablecoins Act in July 2025, or GENIUS Act for short. It provided the first comprehensive federal structure for fiat-backed digital assets in the United States. This framework, alongside the European Union’s MiCA regulation, mandated strict 1:1 token:collateral backing with high-quality liquid assets, transforming stablecoins into "permitted payment instruments". This made stablecoins safer, better, and provided guidance for certain tokens to be “GENIUS compliant”, the gold standard for a stablecoin. 

Coming out of 2025, enterprise infrastructure and global scaling of stablecoins matured rapidly, particularly with B2B and international payments. Firms sought to bypass the friction of fragmented correspondent banking, realizing theres a more efficient and cost saving method to transfer value. Major financial aggregators like Visa, Mastercard, and Stripe pivoted from resisting blockchain technology to actively subsuming it into their core offerings. 

The 2026 Outlook

As we look toward 2026, the technical friction once inherent in institutional stablecoin adoption is rapidly disappearing. We’re continuing to see incredibly talented entrepreneurs move into the space to build the financial rails of the future, such as Sam Bronner who left A16Z to start BetterMoney, a stablecoin clearing house. Mastercard's $1.8 billion acquisition of BVNK in March 2026 serves as a primary example; they can now settle transactions on-chain and have the money land in a local bank account anywhere in the world, in minutes, at a fraction of the cost of the correspondent banking system that's dominated global finance for decades. The largest payment networks in the world clearly see the vision of how stablecoins can transform their businesses.

Micropayments are another key use case to watch going forward. These are very small financial transactions, often under $1, but as low as a fraction of a penny ($0.001). Imagine a world where you no longer had to buy  a monthly WSJ subscription for $30+, and you could pay $0.05 to read one article that you were interested in. That's one of many examples where micropayments can unlock previously impossible outcomes for business and consumers.

While many of these standards remain in the experimental phase, the trajectory is undeniable. A significant portion of future value transfer will likely bypass human touchpoints altogether, driven by streaming micropayments that move between machines and people at the velocity of sending a text message.

Wall Street and corporations are already adopting better money. Governments are next, just slower to adopt emerging technologies. We've already seen states issue RFIs exploring how blockchain can modernize agency operations, and that's likely to accelerate. The window to capture this structural advantage is open right now, and the institutions and governments that treat stablecoin infrastructure as a strategic priority today will have a meaningful head start on everyone who waits for it to become obvious.

I'm always happy to talk stablecoins - feel free to reach out.

Any economic forecasts in this commentary are merely opinion, and any referenced performance data is historical. Past performance is no guarantee of future results. All investment involves risk of loss. Views and opinions expressed herein are of an individual nature and indicative of information as of the dates provided.