Stablecoins are becoming ‘default settlement layer’ for internet: Alchemy

Stablecoins are now the kings of internet cash flow, leaving Visa and Mastercard in the dust on the blockchain highway. Alchemy's tech guru, Noam Hurwitz, drops the mic with this revelation.

Big players like PayPal and Stripe are jumping on the stablecoin train, making transactions lightning-fast and dirt cheap. Hurwitz says they're already 7% ahead of the old-school card giants in onchain volume. Game on, traditional finance!

Alchemy isn't just watching from the sidelines—they're powering the likes of Robinhood Wallet and fintech titans including Visa, Stripe, Circle, and PayPal. Basically, they're the unsung heroes of the stablecoin revolution.

Why are stablecoins the talk of the town? They're cheap, fast, global, and secure. From cross-border payments to betting on the next big thing on Polymarket, they're everywhere. Plus, they're hoarding US Treasurys like there's no tomorrow—Tether alone bagged $13 billion last year.

But it's not all sunshine and rainbows. The blockchain world is a maze, and institutions are tiptoeing around, worried about reliability and risks. 'Can a startup really handle the big leagues?' Hurwitz ponders.

Enter Kinexys, JP Morgan's tokenized bank deposit—a game-changer for institutions craving 24/7 settlement and real-time liquidity. The future of finance is here, and it's wearing a blockchain badge.

The US Senate just passed the GENIUS Act, setting the stage for stablecoin regulation. Hurwitz sees this as a win-win: clear rules for the big fish and a playground for innovators.

Yet, tech hurdles remain. The dream? A world where financial services run on their own blockchains, with seamless crosschain chats. Hurwitz is betting on it.

But not everyone's buying the hype. The BIS just threw shade, calling stablecoins 'digital bearer instruments'—fancy talk for 'not real money.' The plot thickens.