Market Watch
From Legacy Rails to Open Money: Why Stablecoins Are the Future of Finance
Anyone working in digital assets is used to hearing this question:
“Do you really think blockchain and digital currencies can replace the traditional financial system?”
While the answer is nuanced, the short version is: it's already happening. And not because blockchain is just a better payment technology, but because it was built for the internet age, while legacy infrastructure like SWIFT was not. This isn’t about a full-scale overthrow of banks. It’s about how meaningful progress is often made not by patching old systems but by building entirely new paradigms. And the clearest example of this quiet revolution is unfolding in cross-border payments. Understanding where we’re heading helps to look at how far we’ve come.
At the time, it was groundbreaking. Mainframe computers were considered state-of-the-art. The internet didn’t exist. SWIFT introduced messaging standards, built infrastructure to connect banks, and over the decades added functionality like automation, data transfers, and, finally, real-time tracking (in 2017 - more than 40 years later).
Despite its impact, SWIFT is a system built on layers of legacy; each upgrade merely adds another layer rather than innovating. Even with cloud and 5G advancements, the core architecture of SWIFT still reflects a pre-Internet world.
Now imagine starting fresh, with internet-native infrastructure from day one. That’s blockchain.
These digital dollars - backed 1:1 by fiat reserves - now account for over 50% of all blockchain transactions, up from just 3% in 2020. In 2024 alone, stablecoins moved over $5 trillion in value across nearly 200 million wallets.
Why? Because they’re solving a real-world problem: how to move money globally in a way that is faster, cheaper, and more accessible.
This isn’t theoretical. Stablecoins are already transforming finance by enabling low-fee remittances, streamlined treasury management for fintechs and crypto-native firms, seamless cross-border peer-to-peer payments, and efficient B2B transactions in emerging markets with limited dollar access.
Much like the internet democratized access to knowledge by reducing the cost of data to zero, blockchain and stablecoins are doing the same for money. They enable financial participation for people and businesses excluded from legacy systems - not through charity, but through infrastructure.
In this vision of open finance:
Much like Visa, Citi, BNP Paribas, JPMorgan, and BlackRock are now exploring, we expect this stack to blur. Fintechs, exchanges, and even social platforms will issue or integrate stablecoins into their offerings. Treasury, payroll, lending, and payments will be rebuilt on-chain.
In remittances, where companies sometimes charge 5–10% to send money across borders, stablecoins slash those fees while improving speed and transparency. In B2B trade, stablecoins eliminate delays and friction in currency exchange and settlement.
And as more stablecoins become yield-bearing or support multi-currency pairs, the FX market itself - currently dominated by banks - faces disruption.
As usage grows, stablecoins will become more than a financial tool - they’ll become the rails of global digital commerce.
Stablecoins are not just crypto’s “killer app” - they're the beginning of a new monetary standard. They bring the functionality of the internet to finance. For investors, builders, and users alike, this shift is not optional - it’s inevitable.
At 3 Comma Capital, we believe that open money is the future.
And that future is already here.
► Learn more about our Global Crypto Fund, a regulated vehicle giving investors access and long-only exposure to the largest Digital Assets by Market Cap in a safe, diversified and regulated environment.
“Do you really think blockchain and digital currencies can replace the traditional financial system?”
While the answer is nuanced, the short version is: it's already happening. And not because blockchain is just a better payment technology, but because it was built for the internet age, while legacy infrastructure like SWIFT was not. This isn’t about a full-scale overthrow of banks. It’s about how meaningful progress is often made not by patching old systems but by building entirely new paradigms. And the clearest example of this quiet revolution is unfolding in cross-border payments. Understanding where we’re heading helps to look at how far we’ve come.
The Long Road of Legacy Innovation
In 1973, SWIFT was created to solve a very real problem: sending money between banks globally. SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global network that facilitates communication between financial institutions worldwide. The SWIFT code, also known as the BIC (Bank Identifier Code), is an international code used to identify banks and financial institutions, enabling international bank transfers and the exchange of financial messages between institutions.At the time, it was groundbreaking. Mainframe computers were considered state-of-the-art. The internet didn’t exist. SWIFT introduced messaging standards, built infrastructure to connect banks, and over the decades added functionality like automation, data transfers, and, finally, real-time tracking (in 2017 - more than 40 years later).
Despite its impact, SWIFT is a system built on layers of legacy; each upgrade merely adds another layer rather than innovating. Even with cloud and 5G advancements, the core architecture of SWIFT still reflects a pre-Internet world.
Now imagine starting fresh, with internet-native infrastructure from day one. That’s blockchain.
- 1977: SWIFT goes live with 239 banks across 16 countries.
- 1980s–2000s: Gradual improvements - automation, centralization, better data handling.
- 2017: Real-time payment tracking introduced - after 40+ years of iterative updates.
- 2022: SWIFT Go launches, allowing for low-value instant transfers.
Enter Blockchain: Born in the Internet Age
Blockchain didn’t begin as an upgrade. It began as a rethink. New technology. Now let's compare with the blockchain timeline:- 2008: The Bitcoin whitepaper is published, introducing blockchain.
- 2009: The Bitcoin network goes live.
- 2014–2015: Stablecoins like USDT emerge; Ethereum launches smart contracts.
- 2017–2020s: Rapid expansion of DeFi, NFTs, Layer 2 scaling, and institutional participation.
- 2023: Internet-native financial systems see real-world adoption by enterprises, fintechs, and even central banks.
Stablecoins: The Breakthrough Innovation
While crypto headlines are often dominated by volatility and speculation, the most important development has been quietly gaining traction: stablecoins.These digital dollars - backed 1:1 by fiat reserves - now account for over 50% of all blockchain transactions, up from just 3% in 2020. In 2024 alone, stablecoins moved over $5 trillion in value across nearly 200 million wallets.
Why? Because they’re solving a real-world problem: how to move money globally in a way that is faster, cheaper, and more accessible.
Better, Faster, Cheaper: The Stablecoin Tripple Edge
Stablecoins are rare in that they offer all three:- Better: Accessible 24/7, across borders, with programmable features.
- Faster: Transactions settle in seconds, not days.
- Cheaper: A stablecoin transfer on Solana or Base blockchain costs less than a cent.
This isn’t theoretical. Stablecoins are already transforming finance by enabling low-fee remittances, streamlined treasury management for fintechs and crypto-native firms, seamless cross-border peer-to-peer payments, and efficient B2B transactions in emerging markets with limited dollar access.
Open Money: The Internet’s Financial Layer
Stablecoins are the foundation of what many call "Open Money" - an economic layer on top of the internet where value flows as easily as information.Much like the internet democratized access to knowledge by reducing the cost of data to zero, blockchain and stablecoins are doing the same for money. They enable financial participation for people and businesses excluded from legacy systems - not through charity, but through infrastructure.
In this vision of open finance:
- Dollars move as messages do - cheaply and instantly.
- Apps and protocols replace intermediaries.
- Liquidity pools, not bank wires, power FX conversion.
- Internet-native dollars become accessible in 190+ countries.
The Stablecoin Stack: A New Financial Architecture
Just as the internet developed layers - browsers, websites, cloud infrastructure - so too is the stablecoin ecosystem evolving into its own financial stack:- Payments: Payment interfaces and apps.
- Services: On/off ramps, FX services, and settlement platforms.
- Liquidity: Deep pools enabling global exchange and interoperability.
- Issuance: Institutions (and eventually brands) minting their own stablecoins.
Much like Visa, Citi, BNP Paribas, JPMorgan, and BlackRock are now exploring, we expect this stack to blur. Fintechs, exchanges, and even social platforms will issue or integrate stablecoins into their offerings. Treasury, payroll, lending, and payments will be rebuilt on-chain.
A Trillion-Dollar Market in the Making
The stablecoin opportunity isn’t theoretical. It’s massive. In 2024, cross-border B2B payments alone totaled over $40 trillion. Stablecoins, with their superior economics and UX, are poised to capture meaningful share across both consumer and institutional use cases.In remittances, where companies sometimes charge 5–10% to send money across borders, stablecoins slash those fees while improving speed and transparency. In B2B trade, stablecoins eliminate delays and friction in currency exchange and settlement.
And as more stablecoins become yield-bearing or support multi-currency pairs, the FX market itself - currently dominated by banks - faces disruption.
What Comes Next
We’re still early. Stablecoin adoption is just beginning to touch mass markets. But all points to an accelerated curve over the next decade:- Widespread mobile access enables emerging market usage.
- Regulatory clarity brings institutional players onboard. See GENIUS legislation.
- Programmable finance unlocks new use cases from supply chains to payments.
As usage grows, stablecoins will become more than a financial tool - they’ll become the rails of global digital commerce.
Final Thoughts: A New Era of Money
The history of financial infrastructure shows us that modernizing legacy systems is slow. Change is hard and takes time. SWIFT proved that even with decades of effort, building atop old architecture has its limits. Blockchain, by contrast, offers a fresh start.Stablecoins are not just crypto’s “killer app” - they're the beginning of a new monetary standard. They bring the functionality of the internet to finance. For investors, builders, and users alike, this shift is not optional - it’s inevitable.
At 3 Comma Capital, we believe that open money is the future.
And that future is already here.
► Learn more about our Global Crypto Fund, a regulated vehicle giving investors access and long-only exposure to the largest Digital Assets by Market Cap in a safe, diversified and regulated environment.
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Duarte Caldas
Investments Principal
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With more than 20 years of experience in financial markets, Duarte specialized in the energy area in the last decade, where he had the opportunity to work with the main European Power and Gas institutions at CIMD Group. Previously, he worked as Market Strategist at IG Markets Iberia.
