On the contrary, we can build entirely new, truly internet-native entities, or what Stripe calls the "room temperature superconductor of financial services," where instead of lossless energy transmission, we achieve lossless value transmission.
The "WhatsApp Moment" in the Monetary Domain
Stablecoins are our first real opportunity to make money do what email did for communication: open, instant, and borderless.
Think about the evolution of text messaging. Before apps like WhatsApp, sending a cross-border text message cost 30 cents. Even then, whether the message would be successfully delivered was a matter of luck. Later, internet-native instant messaging services emerged: instant, global, and free. The payment sector is currently at the same stage as SMS in 2008: fragmented by borders, hindered by intermediaries, and artificially constrained.
Stablecoins offer a completely new alternative. Instead of cobbling together clumsy, expensive, and outdated systems, stablecoins flow seamlessly on global blockchains. These systems are programmable and composable. Stablecoins have already significantly reduced remittance costs: sending $200 from the US to Colombia using traditional methods costs $12.13, while using stablecoins costs only $0.01. Exchange fees from stablecoins to local currency range from 5% to 0%, and prices continue to drop due to market competition.
Just as WhatsApp disrupted expensive international phone services, blockchain payments and stablecoins are changing the way global funds are transferred.
Regulation: From Bottleneck to Breakthrough
It's easy to view regulation as an obstacle, but wise legislation is actually key to opening up new possibilities.
Establishing clear rules for stablecoins and the crypto market may ultimately help these technologies move from experimental stages to widespread adoption. For years, decentralized finance (DeFi) has been trapped in a self-sustaining crypto internal economic loop. Not because the tools are useless, but because regulators made it extremely difficult to integrate with traditional financial systems.
This is changing. Policymakers are now actively developing rules to recognize and regulate stablecoins, aiming to maintain US competitiveness, protect consumers, and allow innovation to flourish. Thoughtful regulation can prevent bad actors while providing clear guidance for compliant participants. In fact, an upcoming bill clarifying these regulations may pave the way for broader adoption and integration into the global financial system.
Building Public Goods for the Masses
Traditional finance is built on private, closed networks. But the internet has shown us the power of open protocols (like TCP/IP and email) in driving global coordination and innovation.
Blockchains are the native financial layer of the internet. They combine the composability of public protocols with the economic strength of private enterprises, featuring reliable neutrality, auditability, and programmability. Adding stablecoins to this foundation creates something we've never truly had before: an open monetary infrastructure.
Imagine it as a public highway system where private companies can still manufacture vehicles, operate businesses, and create roadside attractions, but the roads themselves are neutral and open to everyone.
Blockchain networks and stablecoins do more than just reduce costs; they give birth to new software categories:
- Programmable payments between machines: Imagine markets automatically facilitated by AI agents trading computer resources and other services.
- Micropayments for media, music, and AI contributions: Imagine setting a budget with simple rules and letting a "smart" wallet distribute payments.
- Transparent payments with complete audit trails: Imagine using these systems to track government spending.
- Global commerce without complex intermediaries: Imagine completing international transactions instantly at extremely low costs; in fact, this is already happening.
The era of blockchain networks and stablecoins has arrived: technology, market demand, and political will are converging. A stablecoin bill may be submitted for review this year, with regulators weighing frameworks to appropriately match risks. Just as early internet startups could thrive once they were assured they wouldn't be shut down by telecom companies or copyright lawyers, cryptocurrencies are ready to transition from financial experiments to infrastructure pillars, with stablecoins leading this transformation.
We don't need to patch old systems; we can build a better new one.
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