a16z Report Says Stablecoins Are Spawning an 'Onchain BaaS' Model, Reshaping Global Financial Infrastructure

Andreessen Horowitz's a16z crypto argues that stablecoins are no longer merely tools for trading crypto assets, but a foundational layer for global finance capable of supporting payments, settlement, accounts and credit services. Unlike traditional banking-as-a-service, in which banks provide licenses and ledger systems, “onchain BaaS” allows companies to assemble financial products from blockchain-based modules. The model could reshape the division of roles among banks, fintech companies and cross-border payment providers.

As of July 19, 2026, a16z crypto's latest analysis focuses on how companies can connect modules including wallets, stablecoin payments, compliance, fiat on- and off-ramps, and onchain credit to build end-to-end financial services. It identifies onchain credit markets as the next battleground. The report is an industry trend analysis and disclosed no individual fundraising, investment or transaction, so there is no deal value to report.