The new technology stack of global finance is rapidly rebuilding the financial system with new infrastructure, and stablecoins are the biggest catalyst. It has evolved from a "niche trading tool" to the foundational pipeline of global finance and is becoming the underlying infrastructure for the new generation of financial products (payments, forex, credit, investments, etc.). The article A16Z is worth reading Stablecoins are giving birth to a new type of BaaS (Banking-as-a-Service): 1) The previous generation was fintech leasing bank licenses and legacy systems; 2) This generation is on chain native, using self hosted wallets to reduce friction and directly combining account, payment, forex, and credit primitives into end-to-end products. Traditional institutions (Stripe's acquisition of Bridge/Privy, Mastercard's acquisition of BVNK) are already laying out on this map, and their transformation has reached an irreversible point. Six major technology stacks and six hierarchical dismantling of the new financial system 1. Blockchain layer: Three major categories have differentiated 1) Universal Chain (Solana, Ethereum, and L2): The main battlefield is still the crypto capital market (trading, lending, DeFi). 2) Payment specific chains (Stripe Tempo, Circle Arc): optimized for financial services, emphasizing stablecoin native gas fees, privacy, and predictable transaction costs - crucial for fintech processing million level payments. 3) Institutional networks (Canton et al.): designed specifically for regulated institutions, providing programmability, privacy, and compliance frameworks. 2. Banking layer: Card points are loosening, and a group of crypto friendly banks are building bridges between fiat currencies and on chain infrastructure, significantly alleviating the difficulty of deposit/withdrawal. 3. Stablecoin Issuance Layer: License Battle After the GENIUS Act was passed, issuers crazily competed for the OCC National Trust Charter. Short term legitimacy, long-term goal is to access the Federal Reserve channel and become a core player in the digital financial system. 4. Liquidity layer: The last mile challenge (emerging markets) - stablecoins have solved the "middle mile" of cross-border payments, but local fiat currency liquidity is still thin. Solution path: stablecoin compatible with FX providers+regional exchanges (Bitso, Yellowcard, Coins)+banks that support stablecoin settlement. 5. Bank Connection Layer: The least sexy but most critical translation layer. The stablecoin infrastructure is incompatible with traditional bank core systems and requires a dedicated "connection layer" to enable banks to support stablecoins without the need for a major system upgrade. 6. Application layer: Fusion+New Primitives 1) Fintech New Bank ↔ Cryptocurrency wallets are rapidly integrating and will eventually become a unified financial super app. 2) Enterprise level adoption: In markets with poor USD banking infrastructure such as Latin America, Africa, and Southeast Asia, stablecoins have become a practical solution for corporate banking services (payment, collection, and fund management). 
 The account is just the entrance, followed by a complete set of products such as credit, investment, wealth management, insurance, etc. Act 2: Credit is the big show Payment is the first act, credit is the second act and has a greater impact. The trillion dollar stablecoin float will give rise to a truly productive on chain credit market (not the early DeFi crypto speculation, but borrowing real assets, accounts receivable, and enterprise operating capital). Analogous to the explosion of private equity credit in the past decade: banks exiting → new structures filling the gap, this time the underlying is an open, programmable, and globalized on chain infrastructure. Geopolitical dimension 1) For individuals/businesses: actual empowerment of the US dollar - holding, trading, and storing US dollars without the need for a US bank account to avoid local currency depreciation. 2) For the United States: Stablecoins are a digital extension of the dominance of the US dollar, and the GENIUS Act is essentially a bet on stablecoins to consolidate the global dominance of the US dollar. Global finance is undergoing a 'wholesale system upgrade'. The new stack has the characteristics of openness, programmability, and default interoperability, which can serve people and scenarios that traditional systems have never covered. Now it's not a question of 'whether it will happen', but a question of 'who will define the new rules'. Traditional institutions can only choose to embrace, otherwise they will be left behind. Specific companies and classifications will evolve, but structural changes have already occurred.