Multicoin: Stablecoins and FinTech 4.0Author: Spencer Applebaum & Eli Qian, Multicoin Capital; Translation: Golden Finance
Over the past twenty years, fintech has changed the way people access financial products, but it has not altered the actual flow of funds. Innovation has mainly focused on simpler interfaces, smoother registration processes, and more efficient distribution channels, while core financial infrastructure has remained largely unchanged. During most of this period, this tech stack was simply resold rather than rebuilt.
Overall, the development of fintech can be divided into four stages:
Fintech 1.0: Digital Distribution (2000-2010)
The earliest wave of fintech made financial services more accessible, but efficiency did not significantly improve. Companies like PayPal, E\TRADE, and Mint built on traditional systems established decades ago (for example, A
金色财经_·2025-12-10 10:12