a16z crypto releases annual report “State of Crypto 2025: The year crypto went mainstream”
Venture capital fund a16z crypto has released its annual state of crypto report. This year’s report is entitled “State of Crypto 2025: The year crypto went mainstream,” heralding an exciting new chapter in cryptocurrency and digital assets.
“This is the year the world came onchain.
When we launched our first State of Crypto report, the industry was still in its adolescence. The total crypto market was worth about half what it is today. Blockchains were much slower, more expensive, and less reliable.
In the last three years, crypto builders weathered a major market drawdown and political uncertainty — but continued to make significant infrastructure improvements and other advancements. Those efforts bring us to today, a moment when crypto is becoming a meaningful part of the modern economy.
The story of crypto in 2025 is one of industry maturation. In short, crypto grew up:
Traditional financial incumbents, like Visa, BlackRock, Fidelity, and JPMorgan Chase — and tech-native challengers like PayPal, Stripe, and Robinhood — are offering or launching crypto products.
Blockchains now process over 3,400 transactions per second (100x+ growth in the last five years).
Stablecoins power $46 trillion ($9 trillion adjusted) in annual transactions, rivaling Visa and PayPal.
Over $175 billion sits in Bitcoin and Ethereum exchange-traded products.
Our latest State of Crypto report explores this industry transformation, from institutional adoption and the rise of stablecoins to the convergence of crypto and AI. And for the first time, we’re introducing a new way to explore the data and track the industry’s evolution by the metrics that matter: the State of Crypto dashboard.
Key takeaways
The crypto market is big, global, and growing
Financial institutions have embraced crypto
Stablecoins went mainstream
Crypto is stronger than ever in the United States
The world is coming onchain
Blockchain infrastructure is (almost) ready for prime time
Crypto and AI are converging”
a16z crypto is a venture capital fund that invests in crypto startups. We have raised more than $7.6 billion across four funds.
The first era of the modern internet (roughly 1990-2005) was about open protocols that were decentralized and community-governed. Most of the value accrued to the edges of the network: users and builders. The second era of the internet (roughly 2005-2020) favored siloed, centralized services. Most of the value accrued to a handful of large tech companies.
We are now beginning the third era of the internet — what many call web3 — which combines the decentralized, community-governed ethos of the first era with the advanced, modern functionality of the second era. This will unlock a new wave of creativity and entrepreneurship.
