Podcast: Themes, trends, and data from State of Crypto 2025

Each year, the State of Crypto report from a16z crypto cuts through the noise and tracks crypto’s evolution across markets, technology, policy, and culture.

Now in its fourth edition, the 2025 State of Crypto report reveals how crypto has gone mainstream: from stablecoins and tokenized assets to institutional adoption by major financial players. In this episode, we break down the key findings and trends from the report with:

• Daren Matsuoka, a16z crypto’s Head of Data & Fund Strategy (lead author)
• Eddy Lazzarin, a16z crypto’s CTO

Together, we explore:

• Why stablecoins are taking over and what’s fueling their global growth
• The rise of institutional adoption — from Stripe and Visa to BlackRock and Robinhood
• How AI and crypto are intersecting (and where jobs are moving)
• The tokenization of real-world assets
• Bitcoin’s resurgence and the new era of “digital gold”
• What’s really happening with memecoins, perps, and prediction markets
• How privacy, policy, and developer energy are shaping crypto’s next phase

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

15:40 Memecoins, Stablecoins, and Entrepreneurship

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 as a 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 + explore our interactive dashboard to track industry metrics:

👉 a16zcrypto.com/state-of-crypto-2025

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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.