a16z crypto says the word “stablecoin” may no longer fit the role these assets now play in global finance, as dollar linked tokens move beyond crypto trading and into payments, savings, credit, and settlement systems.
Robert Hackett, head of special projects at a16z crypto, wrote that the term came from crypto’s volatile early period, when users needed assets that could hold a steady value while moving on blockchain rails. However, he said the name now points to the original problem, not the wider financial system forming around the technology.
Hackett compared the word to “horsepower,” a term that helped people understand engines by linking them to horses. In the same way, he said “stablecoin” helped users understand digital dollars, but the label may age badly as these assets become normal financial infrastructure.
Stablecoins Move Into Global Finance
The comments followed another a16z crypto report that framed stablecoins as part of a new global financial stack. The report said stablecoins now support faster payments, dollar access, capital returns, credit, and investment products for users and businesses outside traditional banking systems.
a16z said the market has moved past payments alone. It described stablecoin rails as open, programmable, and interoperable infrastructure that can serve regions and users that legacy finance often fails to reach. The firm also said companies building across this stack could shape the next phase of the global dollar economy.
Recent payments data shows why the label debate has gained attention. Visa said stablecoin supply grew more than 50% in 2025, reaching $274 billion in December from $186 billion a year earlier. It also said adjusted stablecoin transaction volume was on track to exceed $10 trillion in 2025.
