Based on Jinse, Multicoin Capital outlines the evolution of fintech across four eras, highlighting how stablecoins and permissionless finance are disrupting traditional financial infrastructure. The report argues that fintech 1.0 to 3.0 focused on distribution and user experience but left core financial systems unchanged. Fintech 4.0, driven by stablecoins, replaces key banking functions with open, programmable systems, reducing costs and enabling specialization. This shift allows developers to build financial products directly on-chain, bypassing intermediaries and enabling new business models for niche markets.
Multicoin Capital: Stablecoins and Fintech 4.0 Redefine Financial Infrastructure
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