Multicoin Capital has outlined a vision for the future of financial technology, predicting that stablecoins will drive the next major evolution, termed "FinTech 4.0." According to Spencer Applebaum and Eli Qian, the past two decades of fintech innovation have largely focused on user interface, customer acquisition, and API abstraction, while financial transactions have remained reliant on traditional networks like ACH, SWIFT, and card organizations. This reliance has led to homogenized infrastructure, increased compliance costs, and profits being captured by banks and network layers. Multicoin argues that stablecoins will reduce costs and enable the emergence of specialized stablecoin-focused fintech and new banking models. This shift is expected to transform the financial landscape by providing more efficient and accessible financial services.