BlockBeats report, April 27: a16z crypto released an analysis report titled "The New Stack of Global Finance: The Stablecoin Edition." The report states that stablecoins have evolved from niche transaction tools into foundational financial infrastructure, giving rise to a new "banking-as-a-service" model that is driving the reconstruction of the financial system. The report concludes that the transition to on-chain finance has "passed the point of no return."
The report categorizes blockchains into three types: general-purpose chains (such as Solana, Ethereum, and L2s), payment-specific chains (such as Stripe’s Tempo), and institutional networks (such as Canton). It also notes that banking bottlenecks are easing, as a new wave of crypto-friendly banks is actively connecting on-chain infrastructure with traditional fiat systems. Competition among stablecoin issuers has shifted toward regulatory positioning, with issuers racing to obtain OCC national trust charters.
The report states that payments are the "first act," while credit may be the even more significant "second act." Large-scale issuance of stablecoins will give rise to a new on-chain credit market, enabling capital to form outside the traditional banking system. The report also emphasizes that stablecoins not only reinforce the dominance of the U.S. dollar but also provide users in emerging markets with access to the dollar.