In the fast-evolving world of digital finance, words often struggle to keep pace with code. On May 4, 2026, Robert Hackett, head of special projects at a16z crypto, released a provocative report arguing that the term “stablecoin” is a relic of crypto’s past that no longer describes the technology’s massive present or its programmable future.
Beyond the “Defensive” Label
Hackett notes that the name was originally created as a reactionary marketing tool. In the early days of Bitcoin and Ethereum, when 20% daily price swings were the norm, “stablecoin” was a defensive promise to users: this won’t crash tomorrow.
“The name was straightforward, if slightly defensive,” Hackett wrote. “But the technology has since outgrown the label. Stability is now table stakes. It’s a prerequisite, and not the point. The question is no longer ‘will it hold its value?’ But ‘what else can we build with it?’”
By framing the asset as a patch for volatility rather than a new financial primitive, Hackett argues the industry is underselling the $321 billion market. Brand adviser John Palmer echoed this sentiment, calling the current terminology a “bug” and suggesting that a category destined to “10x the impact of crypto” deserves a name that isn’t defined by what it isn’t (volatile).
From “Programmable Money” to “Just Money”
If the term is outdated, what comes next? While a16z acknowledges that technical labels like “programmable money” or “digital cash” are accurate, they are often too clunky for mass adoption.
Instead, Hackett suggests two likely paths for the technology’s etymology. Like “horsepower” for cars or “email” for digital messages, the name may stick long after its original meaning has faded into obscurity. Or we may simply stop using “crypto” terms entirely.
“The technology will disappear into the background and become just how money works,” Hackett concluded. “The same way we stopped saying ‘electric lighting’ once that newfangled gadgetry became the default. Now they’re just lights.”
As the stablecoin market cap continues to climb, recently overtaking Bitcoin in regional purchases across Latin America, the industry seems ready to move past the stable label and embrace the era of the onchain dollar.
