a16z Crypto releases the Global Financial Stack Report, stablecoins are reshaping the financial system

Golden Finance reports that a16z crypto has released an analytical report titled “The New Stack of Global Finance: Stablecoin Edition.” The report points out that stablecoins have evolved from niche trading tools into fundamental financial pipelines, giving rise to a new “Banking-as-a-Service” model that is driving the reconstruction of the financial system. The report believes that the transition to on-chain finance has “crossed the point of no return.”
The report categorizes blockchains into three types: general-purpose chains (such as Solana, Ethereum, and Layer 2), payment-specific chains (such as Stripe’s Tempo), and institutional networks (such as Canton). It also notes that bottlenecks in the banking industry are easing, with a group of crypto-friendly banks actively connecting on-chain infrastructure with traditional fiat systems. Competition in stablecoin issuance has shifted to regulatory positioning, with issuers vying to obtain OCC national trust licenses.
The report states that payments are the “first act,” and credit may be an even more important “second act.” The large-scale issuance of stablecoins will create new on-chain credit markets, enabling capital to form outside the traditional banking system. The report also emphasizes that stablecoins not only strengthen the US dollar’s dominant position but also provide emerging market users with access to US dollar channels.