The Rise Of Money2

Opinion by: Michael Egorov, founder of Curve Finance

The crypto world shifts its focus every few months, with headlines buzzing about AI, integrations, memecoins and grand Web3 visions. 

While the spotlight moves from trend to trend, a quieter, deeper transformation is taking place beneath the surface: the gradual birth of a new financial system built on stablecoins, decentralized finance (DeFi) and code-driven contracts.

This system can be nominally called “Money2” — and it’s not a theory or a future vision. It’s already here. 

Reports from early 2025 showed that, in February, the total supply of stablecoins had reached $225 billion in value, achieving 63% year-over-year growth. This surge underscores the expanding role of stablecoins in payments and as a medium of exchange. Consequently, it also positions them as a key element in building a new global financial ecosystem.

Moreover, for the first time in history, financial services can function entirely without intermediaries and trust in third parties. Loans, exchanges and payments no longer need to rely on traditional intermediaries. 

Instead, they run on smart contracts, transparent and immutable lines of code on decentralized blockchains. Code, not humans, determines how money moves, how it’s lent and how it’s secured. This isn’t just a repackaging of existing finance. It’s a break from thousands of years of precedent — a disintermediation that changes everything.

Building a financial system without trust

For all human history, money has depended on trust in people or institutions. Whether transferring money, taking a loan or investing, an intermediary is always involved. Every traditional financial service relies on a bank, a broker or a government-regulated entity — it depends on trusting someone.

Because people and institutions are ultimately fallible, that trust has historically been betrayed many times. Entire legal frameworks, with audits and penalties, have evolved over the years to keep these third parties honest — to better manage that trust. 

The risk, however, remains.

Money2 eliminates that dependency. In this new paradigm, smart contracts — code on decentralized blockchains — replace intermediaries. Transactions can be executed automatically and transparently without any gatekeepers or bias. Without the need for human discretion or interference. Just code. 

Related: South Korea’s central bank wants gradual stablecoin rollout

Through DeFi, financial operations…