One of the most rewarding experiences recently was speaking about stablecoins at Université du Québec 🇨🇦 in front of professors and students. The discussion was engaging, challenging, and highlighted some of the most important questions surrounding stablecoins today. I received quite a few questions after the presentation, but two topics clearly attracted the most attention from the professors. The first was whether stablecoins are widely used for criminal activities. This remains one of the most common concerns among academics and policymakers. My view is that while illicit activity exists in every financial system, the data consistently shows that illicit transactions represent only a small fraction of total stablecoin transaction volume. More importantly, blockchain networks provide a level of transparency and traceability that traditional cash systems cannot offer. Every transaction leaves a digital trail, making enforcement and monitoring far more effective than many people realize. The second topic was trust. Several professors questioned why people should trust stablecoins, particularly after witnessing the collapse or depegging of certain projects in recent years. I believe the answer lies in understanding where trust originates. Fiat-backed stablecoins are not creating a new currency. They are creating a new distribution layer for existing currencies. When users hold a USD-backed stablecoin, the trust is not derived solely from the issuer. It is ultimately connected to the underlying U.S. dollar, the reserve assets backing the token, and the institutions that support the world's largest reserve currency. In many ways, stablecoins represent the internet-native version of sovereign money. They allow value to move globally, instantly, and 24/7 while remaining connected to the existing monetary system. What excites me most is that stablecoins are creating a new money layer for the internet economy. Just as email transformed communication and the internet transformed information, stablecoins have the potential to transform how value moves around the world. The future of stablecoins will not be determined solely by technology. It will also be shaped by education, regulation, and open dialogue between industry leaders, regulators, academics, and students.