Stablecoins are not the end goal, but the starting point for reconstructing the financial system.

Stablecoins are becoming the new global financial infrastructure—this judgment sounds bold, but when you think about it carefully, it really is happening.

A16z’s report paints a clear roadmap: stablecoins have evolved from niche trading tools into channels that connect traditional finance with blockchain. Cross-border transfers are a prime example. The SWIFT system takes three to five days, with banks peeling layers of cost in between. USDT now processes tens of billions of dollars every day, at almost zero cost, operating 24/7. The efficiency gap is obvious, so users naturally “vote with their feet.”

But what’s even more interesting is that stablecoins are redefining the concept of “bank.” In the past, if you wanted to use the financial system, you had to go to a counter to open an account, fill out a stack of forms, and wait days for approval. Now what? A USDT wallet is your global account. A programmer in Bangladesh doing outsourced work for a U.S. company can receive USDT settlement the same day, without remitting money through Western Union and without the bank’s “suspicious transaction” review even being triggered. The barrier to financial services has simply collapsed.

Regulatory changes make the point most clearly. The report notes that banking bottlenecks are easing, and crypto-friendly banks are proactively building bridges. The debate has shifted from “whether to ban” to “how to issue licenses and capture market share.” OCC’s nationwide trust charter has become a highly coveted prize that everyone is scrambling for—this means stablecoin issuers can operate across states, a sign that a nationwide network may be taking shape.

This is only the first act.

A16z divides blockchain into three categories in a highly enlightening way: general-purpose chains, payment-specific chains, and institutional networks. Stripe’s Tempo focuses on payments, while Canton focuses on transactions between institutions—division of labor has already begun.

But the report’s real insight is this: “Payments are the first act, and credit may be the more important second act.” That logic follows naturally. When stablecoins on a trillion-dollar scale flow on-chain, lending demand will inevitably arise. Compound and Aave have already shown the model, but the current scale is only the starting point. In the future, a global credit market built on stablecoins as underlying assets may emerge—interest rates determined by algorithms, with credit assessments based on on-chain behavioral data. This would fundamentally change the pricing logic and power structure of the global credit market.

Finally, the bigger picture is even more thought-provoking: while stablecoins strengthen the dollar’s global position, they also provide emerging markets with channels for access to the dollar. This is an American-style strategy—using open technological standards to ensure the dominance of its currency extends for decades more. We’re slower to follow here; now you can still try to catch up, but the path is already set, and a large ship is hard to turn.

Stablecoins have proven that blockchain can run on financial infrastructure—but this is just the opening bell. Once the payment rails are fully laid out, lending, derivatives, and insurance built on these rails will grow wildly like vines. By then, what gets rebuilt will be far more than just cross-border transfers.