In an interview reflecting on 2025, Galaxy investor Will Nuelle stated that while the team initially considered cross-border payments a core theme, the real unexpected gain came from the "crypto payment card" sector. He pointed out that stablecoins didn't 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—alternative to their local currencies—through cards. Galaxy consequently increased its investment in this area, investing in projects like Rain and RedotPay. Looking ahead to 2026, Galaxy is focusing on on-chain lending, net interest margins on savings, securitization, and perpetual equity, believing that stablecoins are reshaping the banking and deposit system, gradually transforming the internet into a "bank."