TechFlow News, April 27: a16z crypto released a research report stating that stablecoins have evolved from niche trading tools into the foundational layer of global financial infrastructure, catalyzing a new generation of “Banking-as-a-Service” (BaaS) models. Unlike the previous wave of BaaS, this new model is built on on-chain infrastructure and integrates accounts, payments, foreign exchange, and credit functions via self-custodial wallets—significantly reducing reliance on traditional intermediaries.
The report classifies blockchains into three categories: general-purpose public blockchains (e.g., Solana and Ethereum), purpose-built chains optimized for payment use cases (e.g., Stripe’s Tempo and Circle’s Arc), and compliance-focused networks designed for regulated entities (e.g., Canton). On the regulatory front, following passage of the GENIUS Act, stablecoin issuers are competing for national trust charters from the Office of the Comptroller of the Currency (OCC), aiming to directly connect to the Federal Reserve’s payment rails and secure a central position within the payments hierarchy.
The report further notes that stablecoins have made significant progress in the “middle mile” of cross-border payments, yet liquidity bottlenecks between stablecoins and local fiat currencies remain unresolved in emerging markets. Looking ahead, as stablecoin scale expands, the on-chain credit market is poised to become the next major opportunity after payments—providing capital access to borrowers underserved by traditional financial systems. Moreover, widespread stablecoin adoption is expected to further reinforce the U.S. dollar’s global dominance.
