Why Stablecoin Cards Will Eat Amex’s Business - Will Nuelle of Galaxy Ventures

Will Nuelle from Galaxy Ventures reveals how stablecoin cards in emerging markets generated fatter margins than cross-border payments, catching everyone off guard.

We cover:

- Why Rain's Card Business Hit Series C While Payment Rails Stalled
- How Thailand & Vietnam Users Are Ditching Local Banks
- Galaxy's December Bet on On-Chain Loan Servicing
- The Legal Problem With Tokenized Assets Nobody's Solving
- Why "Neo Finance" Will Stick As Industry's Next Term

Timestamps:
00:00 Intro
00:27 Galaxy's 2025 Surprise Winner
03:32 Stablecoin Cards vs Cross-Border Payments
05:53 Rain & RedHotPay's Fat Margins
08:49 Dollar Access in Emerging Markets
09:38 YEET, Trezor, Halliday Ads
10:38 Lending Markets Meet Stablecoins
16:14 TenBin's Tokenized CME Positions
17:18 infiniFi, Hibachi, Kalshi Ad
18:24 Superstate's Equity Tokenization
22:39 The Two Buckets of Neo Finance

The Rollup