a16z Crypto’s “Global Financial New Stack: Stablecoin Edition” says that stablecoins have become a foundational financial pipeline, giving rise to banking-as-a-service and pushing on-chain finance past the point of no return. The report divides the blockchain into general-purpose chains, payment-dedicated chains, and institutional networks, emphasizing that payments are the first act and credit is the second act. Large-scale issuance of stablecoins will spur on-chain credit, strengthen the status of the US dollar, and provide an entry point for emerging markets.