a16z crypto’s report, “The New Stack of Global Finance: The Stablecoin Edition,” argues that stablecoins have evolved from niche trading tools into a global settlement layer and “banking‑as‑a‑service” stack for programmable dollars.The paper slices today’s chains into general‑purpose, payment‑specific, and institutional networks, all increasingly tethered by stablecoins as the common settlement asset, from consumer wallets to permissioned bank rails.a16z says payments are only “the first act,” predicting large‑scale stablecoin issuance will support a parallel on‑chain credit system and extend US dollar reach into emerging markets via any internet‑connected wallet.