Стейблкоїни — це не кінцева точка, а початок перебудови фінансової системи

stablecoins become the new global financial infrastructure—this judgment sounds bold, but upon reflection, it is indeed happening.

a16z’s report outlines a clear roadmap: stablecoins have evolved from niche trading tools to a conduit connecting traditional finance and blockchain. Cross-border transfers are a typical example. The SWIFT system takes three to five days, with banks layering fees in between. USDT now processes billions of dollars daily, with almost zero cost, operating 24/7. The efficiency gap is obvious, and users naturally vote with their feet.

But more interestingly, stablecoins are redefining the concept of “bank.” In the past, using the financial system required running to a counter to open an account, filling out a bunch of forms, and waiting days for approval. Now? A USDT wallet is your global account. A programmer from Bangladesh outsourcing work for an American company can settle in USDT on the same day, without Western Union remittance or bank “suspicious transaction” reviews. The barriers to financial services have thus collapsed.

Regulatory changes highlight the issue most. The report mentions that banking bottlenecks are easing, and crypto-friendly banks are proactively building bridges. The debate has shifted from “whether to ban” to “how to issue licenses and seize market share.” OCC’s national trust charters have become hotly contested—this indicates stablecoin issuers can operate across states, a precursor to building a nationwide network.

This is only the first act.

a16z’s division of blockchain into three categories is very insightful: general-purpose chains, payment-specific chains, and institutional networks. Stripe’s Tempo focuses on payments, Canton on inter-institutional transactions—division of labor has already begun.

But the real insight of the report is: “Payments are the first act, credit may be the more important second act.” This logic is straightforward. When stablecoins worth trillions of dollars flow on-chain, lending demand will inevitably emerge. Compound and Aave have already demonstrated the model, but the current scale is just the beginning. In the future, a global credit market based on stablecoins as underlying assets may emerge—interest rates determined by algorithms, credit assessments based on on-chain behavioral data. This will fundamentally change the pricing logic and power structure of the global credit market.

The final pattern is more profound: while stablecoins strengthen the US dollar’s global position, they also provide emerging markets with access channels to the dollar. This is the American strategy—using open technological standards to ensure the dominance of its currency for decades to come. We are slow to follow here; now it’s too late to catch up, as the ship has already set its course and it’s hard to turn around.

Stablecoins have proven that blockchain can operate in financial infrastructure, but this is only the opening bell. Once payment pipelines are fully established, lending, derivatives, and insurance based on these pipelines will grow wildly like vines. By then, the reconstruction will be far more than just cross-border transfers.