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Andreessen Horowitz's State of Crypto 2025 report paints a picture of a maturing industry. Stablecoins are going mainstream, institutional adoption is accelerating, and AI is fusing with blockchain at the infrastructure level. Citing $4T in total market cap, $46T in annual stablecoin transactions, and Wall Street’s embrace, a16z's message is clear: crypto has grown up.
What’s the Scoop?
- Crypto Goes Mainstream: The total crypto market crossed $4T for the first time, and more than 700M people now own crypto worldwide. Traditional financial heavyweights — including BlackRock, JPMorgan, Visa, Fidelity, and
PayPal — not only embrace crypto, but are building directly onchain. - Stablecoin Success: Stablecoins processed a staggering $46T in annual transactions, rivaling Visa’s throughput and surpassing PayPal’s by more than 5x. More than 1% of all U.S. dollars now exist as tokenized stablecoins, with $150B in U.S. Treasuries backing them.
- Regulation Reignites Innovation: The GENIUS Act and CLARITY Act are creating bipartisan frameworks for stablecoins and market structure, meanwhile, Executive Order 14178 reversed anti-crypto policies. With clearer rules, the U.S. has reclaimed its role as the hub for builders and investors, ushering in a new wave of compliant innovation.
- The World Comes Onchain: Crypto’s utility is expanding fast. Real-world assets now exceed $30B tokenized, DePIN networks are building decentralized physical infrastructure worth trillions, and prediction markets like
Polymarket and Kalshi are thriving post-election season. - The Next Frontier: Standards like x402 are enabling autonomous AI agents to transact onchain, and could empower the estimated $30T agent economy by 2030. Similarly, decentralized identity systems like Sam Altman's World support verifiable "proof of humanity" networks.
We’re excited to share our 2025 State of Crypto report.
— Chris Dixon (@cdixon) October 22, 2025
This year’s story: the maturation of the crypto industry — with growing institutional adoption, the rise of stablecoins, better infrastructure, new consumer experiences, and long-awaited regulatory clarity.
Read the full… pic.twitter.com/c8NESXnQE3
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