ChangeNOW’s Bold Vision: Why Stablecoins Will Win Over Bitcoin Treasuries

Satoshi Nakamoto envisioned Bitcoin as “peer-to-peer electronic cash” for direct transactions without intermediaries. Today, as corporate treasuries accumulate massive Bitcoin holdings, ChangeNOW’s chief strategist argues stablecoins—not institutional hoarding—are fulfilling that original vision.

BeInCrypto sat down with Pauline Shangett, Chief Strategy Officer at ChangeNOW, during her recent APAC tour to discuss the company’s evolution and her contrarian take on crypto’s competing trends.

From Swap Service to B2B Infrastructure

ChangeNOW began in 2017 as a non-custodial instant swap service—no accounts, no questions asked. But Shangett says the company’s ambitions quickly expanded beyond retail trading.

“Our B2B platform evolved into something much more than just changing crypto,” she explains. The company developed NOWPayments for merchants and NOWNode for RPC infrastructure, eventually consolidating everything under the umbrella of NOW Solutions—a comprehensive crypto management platform for businesses across Web2 and Web3.

The Treasury Problem

As Bitcoin ETFs gain mainstream acceptance and companies like MicroStrategy accumulate massive Bitcoin holdings, many celebrate institutional adoption as crypto’s coming-of-age moment. Shangett sees it differently.

“MicroStrategy holds 7 percent or more of Bitcoin’s supply at this point,” she notes. “They’re adding another man in the middle by selling treasury bonds on Bitcoin. This is not what crypto was founded on.”

She draws a stark comparison to America’s housing crisis. “Just like landlords buying up real estate in bulk and pricing out everyday buyers, institutionalists are buying Bitcoin, artificially inflating prices. When the time comes to sell, the market won’t be in a good situation.”

Her advice to retail traders? “Buy Bitcoin directly. It’s an insanely good investment class. Don’t count on treasury companies to take care of your assets.”

Stablecoins: Crypto’s Real Killer App

While skeptical of Bitcoin treasuries, Shangett is bullish on stablecoins—particularly for payments and remittances.

“What the general public actually needs is to send money across countries and preferably pay with that money everywhere,” she says. “Sending USDT from Dubai to Singapore doesn’t take three to five business days anymore, and it’s significantly cheaper than bank transfers.”

This matters for both institutions and individuals. Migrant workers sending money home, businesses conducting cross-border transactions, and people in countries with limited banking infrastructure all benefit from stablecoin rails.

“People who might not even be in the crypto community desperately need this infrastructure,” Shangett emphasizes. “Instead of developing 50,000 stablecoins or chasing hype, projects need to focus on letting people interact with stablecoins in a reliable manner that mitigates user error.”

ChangeNOW is positioning itself to work with neobanks, exchanges, payment systems, and crypto cards to enable seamless stablecoin payments. “Traditional off-ramping is slow and expensive. Even P2P on bigger exchanges like Binance risks scams. We’re building infrastructure that lets people pay with crypto everywhere without worrying they’ll lose their money.”

The Sovereignty Question

But what about government concerns? Many countries, particularly those with weaker currencies, fear that stablecoins could undermine their monetary sovereignty.

Shangett acknowledges the challenge. “That’s why so many countries are doing CBDC research. It will take a while for governments to legitimize stablecoins and realize CBDCs aren’t really the answer.”

She says the crypto industry is self-regulating effectively, introducing tools to ensure funds aren’t contaminated or from illegitimate sources. “I’m happy with what’s going on now. I’m very excited for what’s going to be going on in the future.”

America vs. The World

Asked which trend will dominate—stablecoins or Bitcoin treasuries—Shangett sees a geographic split.

“Bitcoin treasuries are mostly in America and Europe,” she observes. “In Asia, people are paying more attention to stablecoins. The trend of intercontinental payments is going to be stronger than just big corporations buying out Bitcoin liquidity.”

She’s blunt about treasury companies’ motivations: “They’re grift, chasing after profit. Bitcoin was invented as electronic cash for peer-to-peer transactions, so people could transact without governments and big corporations spying on them. I think treasuries as a trend are actively harming the space.”

While she doesn’t expect treasuries to disappear—they occupy too much of the market—she predicts they’ll remain primarily an American phenomenon. “When the trend passes, most smaller treasuries will either sell off and disappear or be absorbed by bigger players.”

The APAC Opportunity

ChangeNOW’s recent tour through Bali, Japan, Hong Kong, Korea, and Singapore wasn’t just for Token2049. The company is actively scouting partnerships across Asia.

“It’s amazing to see how people and governments are waking up to crypto,” Shangett says. “The Asian market is what’s going to be driving adoption in the coming years. There are so many amazing projects we’re super interested in partnering with.”

She’s particularly excited about Korea’s thriving ecosystem and Japan’s recent regulatory embrace. “The Japanese government just created a crypto hub supporting startups. They’re ready to invest, and we’re ready to tap into that.”

Final Words

As our conversation wraps up, Shangett offers parting advice that encapsulates her pragmatic approach to crypto: “Stay safe, have fun but not too much. Stack your sats, pay with stablecoins, and everything’s going to be all right.”

It’s a vision of crypto that prizes utility over speculation, peer-to-peer transactions over institutional accumulation—essentially, a return to Satoshi’s original whitepaper with modern infrastructure built on top. If ChangeNOW’s APAC expansion succeeds, Shangett’s bet on payments could prove prescient.