When a16z looks towards 2026, SWIFT introduces on-chain ledgers: what changes will occur in payment infrastructure?

In mid-December, a16z crypto released the 2026 Crypto Industry Trends Report titled "17 things we're excited about for crypto in 2026." In this report, a16z emphasized a change: the scale and trading volume of stablecoins are continuously expanding, becoming a foundational financial capability rather than a special asset in the crypto world.

According to a16z, the key factors in the coming years are:

• Value flow: Whether it can circulate automatically in the system like information;

• Payment forms: Whether it can shift from manual operations to rules and systems being triggered automatically;

• Use cases: Whether stablecoins can truly enter daily economic activities, rather than just remaining on the fringes of trading and settlement.

On December 19, another action from the traditional financial system also drew industry attention. SWIFT—this financial infrastructure connecting over 200 countries and regions, serving tens of thousands of financial institutions—announced it is collaborating with several banks to introduce a blockchain-based parallel ledger mechanism. The shared ledger concept released by SWIFT aims to expand its existing infrastructure stack to support real-time settlement and regulated token transfers, while being compatible with existing payment networks, rather than simply replacing traditional clearing systems.

One is an investment institution focused on the future of the crypto industry, and the other is a globally recognized financial infrastructure known for its stability. They seem to come from completely different worlds, yet at the same node, they point in the same direction—a new generation of payment infrastructure represented by stablecoins is transitioning from the conceptual phase to a system-level implementation phase.

Behind the Two Actions, Reflecting the Same Trend

If we look at a16z's report and SWIFT's actions together, we find that they are both answering the same question: As on-chain value continues to grow, how should the real world catch it?

a16z's answer is at the trend level: stablecoins will become a new value carrier, payments will become automated and programmable, and the flow of funds will no longer rely on single instructions but will be continuously operated by the system.

SWIFT's answer, on the other hand, leans more towards practical implementation: new capabilities can be introduced without disrupting the existing system—without overthrowing or replacing, but rather in parallel, validating, and collaborating.

What this reflects is not a confrontation between old and new, but an emerging industry consensus: the evolution of payment systems is no longer a competition of technical routes, but a competition of system collaboration capabilities.

The Intersection of Trends and Reality: Payments Are Not Either-Or

In past narratives, payments have often been simplified into several opposing relationships: on-chain or traditional, decentralized or banked, stablecoins or fiat currency systems. However, reality proves that this dichotomy cannot support a scalable payment system. In actual operation, more specific issues must be addressed:

• Is the source of funds explainable?

• Is the payment path controllable?

• Are the settlement results auditable?

• Can the system operate stably in different countries and regulatory environments?

For this reason, SWIFT chose a parallel ledger rather than a full on-chain solution; and the future predicted by a16z is not a parallel world detached from the real financial system. The next stage of payments is more likely to be a deep integration of on-chain capabilities with real-world payment networks, rather than mutual replacement.

Therefore, as more value is generated on-chain while usage and settlement still occur in the real world, the connection issue in between becomes unavoidable. How to enhance efficiency while maintaining compliance, transparency, and risk control? How to integrate new payment capabilities into daily operations of enterprises and the payment routines of ordinary consumers, rather than remaining in the experimental phase?

In this context, the value of the intermediary layer in payment infrastructure begins to re-emerge. It needs to understand on-chain assets, stablecoins, and automated settlement logic, while also being familiar with the rules, risk control, and regulatory requirements of real payment networks. What Interlace focuses on is precisely this layer of issues: how to enable new payment capabilities to truly enter the real commercial system without increasing system uncertainty.

Connecting Two Financial Systems Is Becoming a Key Infrastructure Capability

To extend stablecoins from crypto assets to settlement scenarios, the following core aspects must also be addressed:

• Settlement efficiency: Achieving stable, low-latency fund clearing in a multi-chain and multi-currency environment;

• Currency exchange: Supporting instant exchange and liquidity provision between fiat and stablecoins;

• Compliance and risk control: Meeting regulatory requirements such as KYB, KYC, and AML in different markets;

• Financial and reconciliation mechanisms: Building traceable systems for refunds, reports, and other financial management.

From a product structure perspective, Interlace's core logic is very clear: to build a seamless bridge between traditional finance and crypto assets. Specifically, Interlace provides a global account system, MPC wallets, fiat and cryptocurrency exchange, enterprise-level card issuance, CaaS API, and embedded KYT/KYC/KYB risk control capabilities, helping enterprises achieve unified settlement, compliance security, and financial reconciliation in multi-currency and multi-region environments. When these capabilities are combined with stablecoin settlements, they can form a new foundational layer in the backend, providing integrated support for unified settlement, compliance review, and financial reconciliation.

Based on this, enterprises can use stablecoins for advertising, supply chain settlements, employee expenses, and cross-border procurement. This change in payment infrastructure is no longer a narrative of the future but is being integrated into real settlement scenarios.

Conclusion

Since the emergence of Bitcoin in 2009, blockchain technology has gone through more than a decade of evolution. With the advancement of technology, this seemingly fanciful concept is gradually connecting with the real financial system. Whether it is a16z's report or SWIFT's layout, both indicate that the next stage of payments is not merely about cryptocurrencies replacing fiat currencies, but rather how the two can better operate in synergy. When enterprises can choose stablecoins or fiat currencies as settlement paths in a unified payment and fund management system, stablecoins will no longer just be crypto assets but will become a new neutral layer in the global payment system.

In the foreseeable future, as infrastructure matures, stablecoin settlements will first be scaled in the enterprise sector and further extend to retail payments. Users will not need to change their payment habits, while merchants will enjoy more efficient clearing, more immediate refunds, and more transparent financial links. This is precisely the maximum value that the next generation of payment infrastructure—including innovative platforms like Interlace—can deliver.