with @DarenMatsuoka @eddylazzarin @rhhackett
Each year, the State of Crypto report analyzes the data — cutting through the noise — to track crypto’s evolution across markets, technology, policy, culture, and more. Now in its fourth edition, the 2025 State of Crypto report reveals how this once-fringe technology has hit recent all-time highs and gone mainstream — from stablecoins and tokenized assets to rapid adoption by major financial institutions.
In this episode, we dig into the findings and themes from this year’s report with lead author Daren Matsuoka, a16z crypto’s head of data and fund strategy; and Eddy Lazzarin, a16z crypto’s chief technology officer. We talk about what’s changed since last year, why stablecoins are “suddenly” taking over, and how institutions — from fintechs to legacy banks — are embracing crypto technologies.
We also look ahead at trends like:
- AI and crypto (and where the jobs are moving);
- why stablecoins have gone mainstream
- institutional adoption — from Stripe and Visa to BlackRock and Robinhood
- privacy on public blockchains
- tokenization of real world assets
- bitcoin’s resurgence and the rise of "digital gold"
- where developer energy is going
- what’s really happening with memecoins, perps, and prediction markets
- the changing regulatory environment in the U.S.
- and what the next phase of crypto’s “adulthood” might look like — what happens next year when crypto turns 18
Timestamps
00:00 Introduction
02:39 Overview of the 2025 State of Crypto Report
05:04 The Evolution and Mainstreaming of Crypto
08:27 Crypto’s Market Cycles and All-Time Highs
12:08 The Price-Innovation Cycle (and Its Dislocation)
15:40 Memecoins, Stablecoins, and Entrepreneurs
17:25 AI and Attracting Tech Talent
21:18 Crypto Adoption and User Metrics
26:58 Airdrops, Farming, and Changing Metas
31:24 Bitcoin’s Resurgence and Store of Value
42:09 Institutional Adoption and Market Dynamics
50:08 The Evolution of Stablecoins
54:20 The Growing Role of Stablecoins in the Global Economy
01:00:54 The Importance of Privacy in Crypto
01:08:46 Tokenization of ‘Real World Assets’
01:20:46 Perpetual Futures and Prediction Markets
01:29:41 Outlook for the Future
📊 Download the full State of Crypto 2025 report and explore our interactive dashboard to track the industry’s key metrics.
📩 Subscribe for more industry reports, trend updates, news analysis, builder guides, and other resources.from a16z crypto: https://a16zcrypto.substack.com/subscribe/
🎙️ Like, subscribe, comment, share the show: https://a16zcrypto.com/posts/podcast/
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As always, none of the following should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.
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