a16z stablecoins are evolving from trading tools to core financial infrastructure Q1 trading volume reaches US$4.5 trillion

The latest research released by a16z points out that stablecoins are gradually evolving from their original transaction settlement tools and stored value carriers to global financial infrastructure. Data shows that after the US GENIUSACT promoted regulatory clarity, the growth of the stablecoin market has further accelerated, and the adjusted transaction volume has reached approximately US$4.5 trillion. The report shows that stablecoin transactions from consumers to merchants (C2B) increased by 128% year-on-year to 284.6 million, and monthly mortgage deposits for stablecoin card projects also increased from near zero at the end of 2024 to more than US$300 million at the beginning of 2026, reflecting the rapid expansion of stablecoin payment scenarios. At the same time, the circulation speed of stablecoins has increased from 2.6 times to 6 times since the beginning of 2024, indicating that they are shifting from "held" to "frequently used". a16z believes that the application focus of stablecoins is shifting from cross-border payments to local payment infrastructure, especially in markets such as Asia and Brazil.