The Rollup Why Stablecoins Cards will eat Amex’s Busness with Will Nuelle of Galaxy Ventures
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Jan 29, 2026 Will Nuelle, a Galaxy Ventures investor focused on tokenization, stablecoins, and payments, talks about why stablecoin cards unexpectedly outcompete cross-border rails. He explores dollar access in emerging markets, fat interchange margins, on-chain lending and securitization, and how tokenized assets and shared ledgers could reshape payments and finance.
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Stablecoins As Dollar Access Via Cards
- Stablecoins evolved from cross-border rails into dollar-access tools for emerging markets with card integrations.
- Will Nuelle says cards captured fat interchange margins and became a surprise growth category for Galaxy Ventures.
Payments Bets Turned Into Exits And Uplift
- Galaxy backed Rail in March 2024 and saw it get bought by Ripple, demonstrating early payments thesis validation.
- Galaxy then invested in Reign and Red Op Pay and benefited from the category uplift into 2025 funding rounds.
The Internet Becoming A Bank
- Stablecoins function partly as bank deposits and enable the internet to act like a bank for users worldwide.
- Will Nuelle predicts lending, servicing, and securitization will meaningfully converge with stablecoin flows in 2026.