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

BlockBeats News, April 27th, a16z crypto released an analysis report titled "Global Financial New Stack: Stablecoin Edition." The report pointed out that stablecoins have evolved from a niche trading tool to a foundational financial conduit, giving rise to a new type of "Banking as a Service" model that is driving the rebuilding of the financial system. The report believes that the transformation to on-chain finance has "crossed the Rubicon."

The report divides blockchain into three categories: General Blockchains (such as Solana, Ethereum, and L2), Payment-Specific Chains (such as Stripe's Tempo), and Institutional Networks (such as Canton). It also notes that the bottleneck in the banking industry is easing, with a group of crypto-friendly banks actively bridging on-chain infrastructure with the traditional fiat system. The stablecoin issuance competition has shifted to regulatory positioning, with issuers vying to obtain an OCC national trust charter.

The report states that payments are the "act one," and credit may be the more critical "act two." The widespread issuance of stablecoins will spur a new on-chain credit market, allowing capital to form outside the traditional banking system. The report also emphasizes that stablecoins not only strengthen the dominance of the US dollar but also provide emerging market users with a channel for accessing the dollar.