The financial system is being rebuilt on new infrastructure, and it’s happening faster than most people outside of crypto realize.
Stablecoins are a catalyst. They have evolved from a niche trading instrument into foundational plumbing, and they are becoming the layer on which a new generation of global financial products gets built. The market map accompanying this post captures our view of the transformation that’s underway. The specific companies are likely to change, and the categories will likely blur and evolve — but the more important story is structural: How the new stack for global finance is coming together, where it’s maturing, and what gaps remain.
The organizing idea is that stablecoins are giving rise to a new form of banking-as-a-service (BaaS). The prior BaaS wave was about fintechs renting bank licenses and plugging into legacy core systems. This one is structurally different: Companies building on onchain infrastructure, using self-custodial wallets to reduce friction and their reliance on intermediaries; while also combining account, payment, FX, and credit primitives into end-to-end financial products.
The result is a set of capabilities that would have required a host of regional licenses and local bank partners a decade ago, now accessible to any team with the right stack.
