A16z Crypto releases the Global Financial Stack report, stablecoins are reshaping the financial system

Mars Finance News: a16z crypto has released an analysis report titled “The New Stack of Global Finance: Stablecoin Edition.” The report says that stablecoins have evolved from niche trading tools into foundational financial pipelines, giving rise to a new “Banking-as-a-Service” model that is driving the rebuilding of the financial system. The report believes that the shift to on-chain finance has “passed the point of no return.”

The report divides blockchains into three categories: general-purpose chains (such as Solana, Ethereum, and L2), payment-dedicated chains (such as Stripe’s Tempo), and institutional networks (such as Canton). It also points out that bottlenecks in the banking industry are easing, and a group of crypto-friendly banks are actively connecting on-chain infrastructure with traditional fiat currency systems.

Stablecoin issuance competition has shifted toward regulatory positioning, with issuers rushing to secure OCC national trust licenses. The report states that payments are the “first act,” and credit may be an even more important “second act.” Large-scale stablecoin issuance will create new on-chain credit markets, allowing capital to form outside the traditional banking system. The report also emphasizes that stablecoins not only strengthen the U.S. dollar’s dominance, but also provide emerging-market users with a route to access the U.S. dollar.