a16z crypto has released the Global Financial New Stack Report, with Stablecoins Reshaping the Financial System

On April 27th, a16z Crypto published an analysis report titled *Global Financial New Stack: Stablecoin Edition*. The report notes stablecoins have evolved from a niche trading tool into a foundational financial conduit, spurring a new “Banking as a Service” model that’s rebuilding the global financial system. It argues the shift to on-chain finance has “crossed the Rubicon.” The report categorizes blockchains into three groups: - General Blockchains (e.g., Solana, Ethereum, and Layer 2s), - Payment-Specific Chains (e.g., Stripe’s Tempo), - Institutional Networks (e.g., Canton). It also notes banking industry bottlenecks are easing, with a cohort of crypto-friendly banks actively bridging on-chain infrastructure and the traditional fiat system. Stablecoin issuance competition has shifted to regulatory positioning, as issuers vie for U.S. Office of the Comptroller of the Currency (OCC) national trust charters. Per the report, payments are “act one,” while credit may be the more critical “act two.” Widespread stablecoin issuance will drive a new on-chain credit market, enabling capital formation outside the traditional banking system. It also emphasizes stablecoins not only strengthen the U.S. dollar’s dominance but also give emerging market users access to dollars.