State of Crypto 2025: Stablecoins, institutional adoption, and AI

a16z crypto's State of Crypto 2025 report argues that crypto has matured into a meaningful part of the modern economy, driven by institutional adoption and stablecoins. The total crypto market cap crossed $4 trillion for the first time, and mobile wallet users reached all-time highs, up 20% from last year. Stablecoins handled $46 trillion in transactions over the last year, up 106%, or $9 trillion on an adjusted basis that filters out bots. Bitcoin and Ethereum exchange-traded products held over $175 billion in onchain crypto holdings, up 169% from $65 billion a year earlier.