🔥a16z: Stablecoins are evolving from trading tools into core financial infrastructure, with payment and localization trends accelerating

On April 25, a16z released a report stating that stablecoins are evolving from a medium of exchange and a store-of-value tool into global financial infrastructure. Regulatory clarity has become a key catalyst: after the enactment of the U.S. GENIUS Act, adjusted trading volume in Q1 2026 reached approximately $4.5 trillion; the European MiCA framework is driving demand for non-dollar stablecoins. At the application layer, C2B transactions grew 128% year-over-year in 2025, and the monthly collateralized volume of stablecoin card infrastructure exceeded $300 million. Circulation velocity rose from 2.6x in February 2024 to about 6x, indicating a shift toward high-frequency payment media. Regionally, Asia accounts for nearly two-thirds of trading volume, with intra-country transactions within a single nation…