Crypto news, according to the a16z crypto report, stablecoins have quietly become the core infrastructure of global finance and have propelled on-chain finance beyond the "point of no return." The report states that stablecoins have evolved from a niche trading tool into a global settlement layer and a new "banking-as-a-service" stack, reshaping the flow of funds. a16z believes that stablecoins have developed into a "fundamental financial pipeline," with programmable dollars embedded in consumer applications, fintech platforms, and institutional workflows. The report also describes a new banking-as-a-service model, with on-chain issuers and infrastructure supporting wallets, exchanges, emerging banks, and even traditional institutions. The report emphasizes that the transformation of on-chain finance has crossed the "point of no return," and even with price adjustments, the scale and complexity of the infrastructure will continue to grow.