If you have a normal ol' texture with alpha, and you're rendering in back-to-front order, this is the way to go:
glBlendFunc(GL_SRC_ALPHA, GL_ONE_MINUS_SRC_ALPHA)
If your texture has premultiplied alpha, and you're rendering in back-to-front order, do this instead:
glBlendFunc(GL_ONE, GL_ONE_MINUS_SRC_ALPHA)