a16z crypto releases global financial new stack report, stablecoins are reshaping the financial system

BlockBeats news, on April 27th, a16z crypto released an analysis report titled "The New Global Financial Stack: Stablecoin Edition." The report points out that stablecoins have evolved from niche trading tools into foundational financial pipelines, giving rise to a new "Banking-as-a-Service" model and driving the reconstruction of the financial system. The report believes that the transition to on-chain finance has "passed the point of no return."

The report classifies blockchains into three categories: general-purpose chains (such as Solana, Ethereum, and L2), payment-specialized chains (such as Stripe's Tempo), and institutional networks (such as Canton). It also notes that bottlenecks in banking are easing, with a cohort of crypto-friendly banks actively connecting on-chain infrastructure with traditional fiat systems. Competition among stablecoin issuers has shifted to regulatory positioning, with issuers racing to obtain OCC national trust charters.

According to the report, payments are the "first act," while credit may be a more important "second act." Large-scale issuance of stablecoins will give rise to new on-chain credit markets, allowing capital to form outside the traditional banking system. The report also emphasizes that stablecoins not only reinforce the dominance of the US dollar, but also provide emerging market users with access to the dollar.