A new study by a16z indicates that stablecoins are evolving from initial transaction settlement tools and stores of value into global financial infrastructure. Data shows that the stablecoin market has accelerated further growth following the clarification of regulations driven by the US GENIUS Act, with adjusted transaction volume reaching approximately $4.5 trillion in the first quarter of 2026. The report shows that consumer-to-merchant (C2B) stablecoin transactions increased by 128% year-on-year, reaching 284.6 million transactions. Monthly collateralized deposits for stablecoin card projects also grew from near zero at the end of 2024 to over $300 million at the beginning of 2026, reflecting the rapid expansion of stablecoin payment scenarios. Meanwhile, the velocity of stablecoin circulation has increased from 2.6 times to 6 times since the beginning of 2024, indicating a shift from "being held" to "being frequently used." a16z believes that the focus of stablecoin applications is shifting from cross-border payments to local payment infrastructure, particularly evident in markets such as Asia and Brazil.