State of Crypto 2025: The year crypto went mainstream

Andreessen Horowitz

Research

54 Pages

a16z crypto surveys how stablecoins, institutional participation and real world use cases have pushed crypto into a more mature phase. The deck tracks market structure, new applications and the early convergence of crypto with AI, emphasizing areas where usage and infrastructure are actually sticking rather than just generating hype.

Date published: October 22, 2025

Source: CoinGecko, a16z. As of October 22, 2025.

Key Takeaways

Stablecoins take center: Dollar stablecoins evolve into core payment rails and a bridge between traditional finance and crypto applications.
Institutions lean in: Asset managers, corporates and payment firms expand products and adoption, lending credibility but also regulatory scrutiny.
Onchain activity broadens: Real world assets, DeFi, infrastructure networks and consumer apps move more economic activity onto public blockchains.
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