a16z report points out: Stablecoins are evolving from a trading tool into a new global financial infrastructure—cross-border payments are surpassing SWIFT, with one wallet serving as a global account. Regulatory focus is shifting to "securing licenses," and the division of labor in the payment chain has taken shape. Key insight: payments are the first act, credit is the more important second act, and on-chain credit markets will reshape global pricing logic. Stablecoins simultaneously strengthen dollar dominance and provide dollar access to emerging markets. Once payment pipelines are established, lending, derivatives, and insurance will grow rapidly, restructuring far beyond just cross-border transfers.