a16z Highlights Stablecoins, Tokenization, Privacy for 2026
Andreessen Horowitz says crypto is entering an infrastructure-driven phase where stablecoins, onchain assets, and privacy tech move from experimentation to real-world utility.
Venture capital firm Andreessen Horowitz (a16z) believes the crypto industry is approaching a decisive transition in 2026, as core blockchain technologies mature into infrastructure capable of supporting mainstream financial and digital activity. In a new research report from its crypto team, the firm identified stablecoins, real-world asset tokenization, and privacy infrastructure as the most influential forces shaping the next phase of onchain adoption.
Rather than focusing on speculative narratives, the report frames the coming cycle as one defined by practical utility, regulatory alignment, and institutional-grade systems, with crypto rails increasingly embedded into everyday economic flows.
Stablecoins Reach Internet-Scale Usage
a16z researchers argue that stablecoins have already crossed into the financial mainstream, citing an estimated $46 trillion in transaction volume processed last year. According to the report, that figure rivals or exceeds volumes handled by major payment networks like PayPal and approaches those of the U.S. Automated Clearing House (ACH) system.
While blockchain-native transfers have become near-instant and extremely low-cost, the firm emphasized that the next critical challenge is not speed or settlement, but connectivity with traditional financial systems.
Closing the On- and Off-Ramp Gap
The report highlights a new generation of startups working to bridge stablecoins with everyday payments by integrating:
- Local payment rails
- QR-based merchant networks
- Card issuance and point-of-sale compatibility
By enabling stablecoins to function seamlessly at traditional merchants, these platforms could push digital dollars beyond crypto-native use cases and establish them as a foundational settlement layer for the internet economy.
a16z notes that the success of stablecoins in 2026 will depend less on blockchain performance and more on user experience, compliance, and distribution.
Tokenization Moves Beyond Financial Replicas
Interest in tokenizing real-world assets (RWAs) continues to grow among banks, fintech companies, and asset managers, particularly in areas such as equities, commodities, and credit products. However, a16z cautioned that much of today’s tokenization activity remains “skeuomorphic”—essentially recreating traditional financial instruments onchain without unlocking crypto-native advantages.
The firm argues that simply mirroring offchain structures limits innovation and fails to leverage blockchain’s composability and programmability.
Perpetual Futures and Onchain Origination
Instead, a16z sees stronger momentum in crypto-native financial primitives, especially perpetual futures, which offer:
- Deeper liquidity pools
- Continuous trading without expiration
- Simplified market infrastructure
Emerging-market equities were highlighted as a promising candidate for so-called “perpification,” where exposure is provided through perpetual contracts rather than traditional securities.
The report also predicts a shift in credit markets toward onchain origination, where debt instruments are issued natively on blockchain networks rather than tokenized after the fact. As compliance tooling and standards improve, a16z expects onchain loans to become more scalable and transparent than their offchain predecessors.
Privacy Emerges as a Strategic Advantage
Privacy was identified as a central theme for 2026, with a16z partners describing it not as an optional feature, but as a competitive moat for blockchain networks.
As public chains become increasingly interoperable, privacy-preserving systems may generate stronger network effects by:
- Reducing transaction-level surveillance
- Making user migration more difficult
- Enhancing enterprise and institutional adoption
In this context, privacy infrastructure is positioned as both a defensive and growth-oriented technology, particularly as regulatory scrutiny and data protection requirements intensify globally.
AI Agents and Machine-to-Machine Payments
The report also explores the growing intersection between AI agents and crypto infrastructure, especially as autonomous systems begin executing transactions without direct human oversight.
a16z highlighted the need for new identity frameworks—referred to as “Know Your Agent” standards—that allow networks to authenticate and authorize machine actors. In parallel, the firm stressed the importance of programmable payment primitives that enable AI systems to settle value instantly, securely, and transparently.
These developments could play a foundational role in enabling machine-to-machine commerce, automated services, and real-time economic coordination at internet scale.
Beyond Finance: Media, Data, and Wealth Management
Beyond financial markets, the report outlines how crypto rails could reshape sectors such as wealth management, media distribution, messaging, and data privacy.
a16z suggests that tokenization could:
- Expand access to private markets
- Enable automated portfolio rebalancing
- Support programmable ownership structures
Meanwhile, blockchain-based micropayments may help address revenue erosion across the open web, particularly as AI agents consume and remix content without traditional attribution or payment models.
Venture Capital Aligns Around Infrastructure
a16z’s outlook aligns with broader venture capital sentiment. As previously reported, Coinbase Ventures has also outlined its 2026 investment theses, identifying nine high-conviction sectors ranging from RWA perpetuals and onchain privacy to AI-powered development tools and proof-of-humanity systems.
Coinbase Ventures noted that while these areas reflect strong potential, innovation is often driven by unexpected combinations of technologies and use cases.
From Hype to Durable Utility
Summarizing its outlook, a16z framed 2026 as a turning point where crypto transitions from experimentation to infrastructure-level adoption, supported by clearer regulation, institutional participation, and maturing crypto-native design.
“Crypto’s next phase will be driven less by hype and more by real utility,” the firm said, arguing that stablecoins, tokenization, and privacy will form the backbone of a more predictable and durable onchain economy.
If the thesis holds, the coming year may mark not another speculative cycle, but the moment when blockchain technology quietly becomes part of the internet’s core financial and data infrastructure.
