So imagine this: the way we move money on the internet is quietly changing—and it’s not the banks or even your ATM card wey dey run things anymore. It’s stablecoins. According to Noam Hurwitz, who leads engineering at Alchemy (one of the biggest names in blockchain infrastructure), stablecoins don dey carry internet money matter for head. In fact, them don even overtake Visa and Mastercard for onchain transaction volume—by 7% sef.
“Stablecoins are becoming the default settlement layer for the internet,” Hurwitz yarn am like that.
Now, platforms like PayPal and Stripe—we all know how big those names be—don dey jump on top stablecoin matter. Why? Because it allows them to move money faster, cheaper, and in a more secure way. Na wetin everybody dey find be that.
So What Exactly Are Stablecoins Doing?
In simple terms, stablecoins make money easy to move—no wahala, no stress. Whether you wan do cross-border transfer or dey run prediction markets like Polymarket, stablecoins dey make things smooth.
And e no end there. Stablecoins don become one of the biggest buyers of US government debt. Just Tether alone (you fit know am as USDT), make $13 billion profit last year while holding around $113 billion in US Treasury bonds. To put am in perspective, that’s more than wetin Germany dey hold. 😳
“Tokenized money is the base of the tokenized financial system,” Hurwitz talk. And truly, that’s the direction money dey go now.
The Infrastructure Behind the Magic
You see Alchemy? That company na the engine room behind many of these stablecoin platforms. Dem power things for fintech giants like Visa, Circle, PayPal, even Robinhood Wallet. That means whenever you dey use any of these services to move crypto or stablecoins, na dem dey behind the scene dey hold the steering wheel.
No Be All Rosy Sha—E Still Get Some K-leg
Even though stablecoins dey do wonders, Hurwitz still highlight some big issues:
-
Blockchain still dey fragmented. Different blockchains dey, and dem no too dey work together like that.
-
Institutions dey fear small providers. E hard to trust say a small startup go fit run big operations without something breaking.
-
Developers still dey hustle to make the experience smooth so say you no go even know say you dey use blockchain.
As Hurwitz put am:
“People want all the benefits of crypto, but without the complicated wahala wey dey follow am.”
Regulators Don Begin Enter the Matter
Last week, the US Senate pass the GENIUS Act—a law wey set the rules for stablecoins. For Hurwitz, this na big win. It brings clarity for companies and opens room for even more innovation.
Plus, JP Morgan don launch Kinexys, a tokenized bank deposit for institutions. It lets dem earn interest, enjoy near real-time settlement, and access liquidity 24/7. Basically, banks sef don dey enter stablecoin game quietly.
What’s Next for Stablecoins?
Hurwitz get big predictions:
-
Most financial institutions go soon get their own blockchains, especially Layer 2 networks. That means they’ll control how their own money flows.
-
With time, all these blockchains go interconnect properly, and money go dey fly around smoothly like WhatsApp message.
In short, your bank might soon run like a crypto wallet behind the scenes, but you no go even notice.
But Not Everyone Dey Buy the Hype
The Bank for International Settlements (BIS) no too believe say stablecoins fit fully act as money. For their Annual Economic Report for 2025, dem talk say:
-
Stablecoins no get “singleness,” “elasticity,” and “integrity” like real money.
-
Instead, dem look more like financial assets than actual money.
So while developers dey celebrate, some regulators and old-money institutions still dey raise eyebrow.
Stablecoins don change how money dey move for internet. Dem don beat Visa and Mastercard for onchain transactions. Big companies dey adopt am. Governments don begin regulate am. And institutions dey slowly key into the system.
E no perfect, but na clear say the future of internet money go get stablecoins inside am one way or the other.
So if you never understand wetin be stablecoin before, no worry—na this kind gist suppose open your eye.