Andreessen Horowitz (a16z) remains focused on the growth of stablecoins worldwide. The asset manager is leading a round of US$12,9 million for Zar, a fintech founded in 2024 that works on converting cash into stablecoins through local agents in emerging countries.
Zar's proposal aims to serve communities with high rates of unbanked people and unstable local currencies. The first test market is Pakistan, which has the third-largest population without access to the formal banking system, according to global financial sector data.
The startup's model relies on an existing physical network in these countries. Thousands of mobile phone kiosks, convenience stores, and small businesses serve as conversion points. Users go to the location, scan a QR code to install the app, and hand over cash to the merchant. The stablecoins then appear immediately in the user's digital wallet.
"We want to offer simple and fast access to the digital dollar for those who only deal with physical cash," the Zar team said in a statement. The company already operates in regions where cash is prevalent, such as Indonesia, Nigeria, and Argentina, as well as Pakistan itself. The plan includes expansion to 20 more countries with high demand for alternatives to the traditional financial system.
The round also included investments from Dragonfly Capital, VanEck Ventures, Coinbase Ventures, and Endeavor Catalyst. a16z had already participated in a previous contribution of US$7 million in April 2025, when the platform had around 100 people on the waiting list and 7 merchants interested in acting as partner agents.
a16z's interest in the segment is explained by data from the "State of Crypto 2025" report. According to the document, stablecoins moved $46 trillion in transactions last year, nearly tripling the volume processed by Visa in the same period.
The survey also indicates that the stablecoin market recently reached an estimated value of US$308,25 billion. The sector remains dominated by dollar-backed tokens, primarily USDT, which accounts for nearly 60% of total market capitalization.
The research also shows that stablecoins are gaining ground as a means of payment for the real economy. The number of monthly active cryptocurrency users has increased by about 10 million in one year, driven by technical advances that allow blockchain networks to process more than 3.400 transactions per second, a growth of more than a hundredfold compared to five years ago.