[a16z crypto: Stablecoins Are Becoming the Core of Global Financial Infrastructure] According to a report by a16z crypto, stablecoins have evolved from niche tools to the core of global financial infrastructure, driving the development of a new "bank-as-a-service" model based on on-chain infrastructure. The report categorizes blockchain into three types: general-purpose public chains, payment-specific chains, and compliance networks. It also mentions that after the passage of the GENIUS Act, stablecoin issuers are competing for OCC national trust charters to access the Federal Reserve's payment rails. Stablecoins have made progress in cross-border payments, but liquidity bottlenecks in emerging markets persist. The report suggests that on-chain credit markets could become the next opportunity after payments and help strengthen the U.S. dollar's global dominance.