Author: Chris Dixon (Partner at a16z)
In today's world where information can circulate globally in an instant, the transfer of funds remains complex and costly. This is exactly the problem stablecoins aim to solve.
Problems with the current financial system
Today's global payment network is like an outdated patchwork, where each cross-border payment may need to go through five to six intermediaries, including issuing banks, acquiring banks, foreign exchange platforms, etc. Each stage incurs fees, making transactions not only expensive but also slow. Traditional cross-border remittance fees can reach 10%, which acts like a 'regressive tax' on the world's poorest labor groups, suffocating them.
The emergence of stablecoins brings the possibility of transformation
Stablecoins are cryptocurrencies pegged to fiat currencies like the US dollar, and their advantage lies in their ability to bypass traditional financial intermediaries, enabling almost free, instantaneous global payments. For example:
Sending $200 from the US to Colombia costs $12.13 in traditional methods, while stablecoins only cost $0.01;
SpaceX uses stablecoins to repatriate funds from countries with volatile currencies;
ScaleAI pays its global employees with stablecoins;
Stripe supports stablecoin payments, with fees at half that of traditional channels.
The scale of stablecoins is also rapidly growing: by 2024, the transaction volume of stablecoins will reach $15.6 trillion, nearing the scale of Visa.
This is not just a payment issue, but a transformation of 'internet-native finance'
Just as WhatsApp disrupted international texting, stablecoins make payments instant, global, open, and borderless. Behind them is a programmable, auditable, and trust-neutral blockchain infrastructure.
More importantly, stablecoins are not just a replacement for the old system, but are building an entirely new global financial architecture:
AI agents can automate payments between machines;
Contribution-based payments for content creation in music, media, etc., become possible;
Government payments can achieve full-chain transparent tracking;
The costs of global trade settlements have significantly decreased and are beginning to be realized.
Policy levels are also following suit, breaking through regulatory bottlenecks
The widespread adoption of stablecoins requires not only technological and market-driven factors but also policy support. Fortunately, this change is happening. Major countries like the United States are promoting clear stablecoin legislation to ensure industry compliance while unleashing innovative potential.
Conclusion: Reconstruct, not patch
Chris Dixon emphasizes that stablecoins are not a simple improvement of the old system but the beginning of a **'permissionless, open global' financial internet** era. On this path, stablecoins are both a catalyst and a core engine.
No need to patch the old system; we can reconstruct a better one.
