a16z exec urges retiring ‘stablecoin’ label

Robert Hackkett, an a16z executive, wrote in an essay published May 1 that the term “stablecoin” should be retired. He recommended replacing it with names such as “digital dollars,” “digital euros” or “onchain assets,” arguing stability is now a prerequisite rather than the defining feature. Hackkett compared the term’s origin to older marketing metaphors and wrote, “Stability is now table stakes. It’s a prerequisite, and not the point.”

Hackkett described his proposed “digital euro” as privately issued, euro-pegged tokens that would fall under the EU’s Markets in Crypto-Assets (MiCA) rules. He contrasted those tokens with the European Central Bank’s planned digital euro, which ECB documents say would be a central bank digital currency issued only by the central bank, non-programmable, intended to function as a digital form of cash and likely subject to holding limits for individuals and firms.

A crypto research firm reported euro-backed stablecoin transaction volume rose from $69 million in January 2025 to $777 million in March 2026. The report found the EURC token accounted for more than half of euro stablecoin volume. Ten major European banks, including BNP Paribas, ING and UniCredit, formed a consortium called Qivalis and plan to issue a euro-backed stablecoin by mid-2026.

Regulatory debate continues in the EU. Some policymakers and industry participants support private digital assets as a path for payments innovation, while others warn that strict MiCA requirements could push stablecoin activity outside the bloc. A report by Ulrich Bindseil raised concerns about the potential effects of tight rules. Separately, a researcher was denied access to certain spending records related to the ECB’s digital-euro project, prompting questions about transparency and cost.

Stablecoins are privately issued tokens designed to hold a stable value relative to a fiat currency and are used to facilitate crypto trading, payments and programmable finance. MiCA sets rules for issuers, including requirements on reserves, governance and consumer protections for fiat-backed tokens. The ECB’s proposed digital euro would be a public central bank currency with operational limits and policy goals different from market-issued tokens covered by MiCA.

Hackkett wrote that rebranding would shift attention from the technical claim of “stability” to the currencies these tokens represent and how they integrate with payment systems and software.