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A token with a relatively stable value within a specific software or product ecosystem, often managed by an issuer, often misunderstood

How to design, govern, and grow decentralized networks in today’s changing policy landscape

Our response to the SEC's Crypto Task Force questions concerning tokenized securities as well as broker-dealer capital and records.

What do corporates want? A solution to their problems — not to own the chain

We are excited to announce that a16z crypto is expanding into Asia and opening our first office in Seoul, South Korea. As part of this, we’re thrilled to have SungMo Park join our team as Head of APAC go-to-market to lead the Seoul office and start building our presence in the region. Our latest State of Crypto report shows that onchain users are widely distributed around the world, with a particularly strong concentration in Asia. It now represents a significant share of global crypto activity, for example:  South Korea is the second-largest crypto market with nearly one in three South Korean adults owning crypto (outpacing stock investors); Japan has seen onchain activity grow 120% in the past year; Singapore has one of the world’s highest rates of crypto ownership, including 40% of Gen Z and Millennials;  India is ranked first in Chainalysis’s Global Crypto Adoption Index, and 11 of the top 20 countries are in Asia. Our expansion will offer go-to-market support for portfolio companies seeking to accelerate growth, forge strategic partnerships, and build lasting communities across Asia. SungMo will work closely with the founders in our portfolio, and also in his corporate network, to strengthen market connectivity and accelerate crypto adoption across the continent. SungMo brings deep experience and expertise across both enterprise and crypto-native ecosystems. Most recently, he was APAC Lead at Monad Foundation, where he built out their go-to-market and ecosystem strategies across East Asia, Greater China, South East Asia and India. Prior to Monad, he was Head of APAC Business Development at Polygon Labs, where he led enterprise partnerships and collaborations with emerging crypto projects. He speaks four languages: Korean, Japanese, Chinese, and English. This is just the beginning. Over the coming years, we plan to grow our presence in Asia, add new capabilities to support our crypto companies operating there, and keep exploring new ways to expand our geographic footprint.  Welcome, SungMo!   *** The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the current or enduring accuracy of the information or its appropriateness for a given situation. In addition, this content may include third-party advertisements; a16z has not reviewed such advertisements and does not endorse any advertising content contained therein. This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments for which the issuer has not provided permission for a16z to disclose publicly as well as unannounced investments in publicly traded digital assets) is available at https://a16z.com/investments/. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information.

Fidelity CEO Abigail Johnson shares an inside look into Fidelity’s decade of crypto experimentation.

What happens when money moves 10x — or 100x — faster than it does today? In this episode, Zach Abrams, cofounder and CEO of Bridge (now part of Stripe), lays out a bold vision for the future of money: a world where stablecoins become the dominant payment rail, most transactions happen between non-human agents, and entirely new financial infrastructure is required to keep up. Zach explains why stablecoins are the next evolution of fintech, much like credit cards were decades ago — and why we’re still in the early innings. We dig into agentic payments, AI-to-AI commerce, micro-transactions on the open internet, and what Stripe is building by assembling stablecoin infrastructure across the stack. Along the way, we cover: Why cards succeeded — and what stablecoins must learn from them What breaks when the velocity of money increases 10x Stripe’s long-term strategy behind Bridge, Privy, and Tempo The case for open, decentralized payment infrastructure How AI agents could drive the majority of future payments Zach’s unconventional views on management, productivity, and product-market fit If you’re curious about the future of payments, fintech, crypto, AI agents, or the economic foundations of the next internet, this conversation offers a look several steps ahead. Highlights: 00:00 Introduction 00:36 Stablecoins: The next platform for money 01:38 Credit cards had a moral panic too 03:29 What stablecoin infrastructure still needs to be built 05:22 The use cases no one predicted 11:11 Why Stripe is building with crypto 13:08 Why payments infrastructure must stay open 15:12 Lightning round: Bad advice, great books, and deep work   *** The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the current or enduring accuracy of the information or its appropriateness for a given situation. In addition, this content may include third-party advertisements; a16z has not reviewed such advertisements and does not endorse any advertising content contained therein. The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the current or enduring accuracy of the information or its appropriateness for a given situation. In addition, this content may include third-party advertisements; a16z has not reviewed such advertisements and does not endorse any advertising content contained therein. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments for which the issuer has not provided permission for a16z to disclose publicly as well as unannounced investments in publicly traded digital assets) is available at https://a16z.com/investment-list/. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures/ for additional important information.

6 trends on stablecoins and beyond to watch for this year

Various a16z crypto partners (plus a few guest contributors) observe about what’s ahead — on topics ranging from agents and AI; stablecoins, tokenization, and finance; to privacy and security; prediction markets, SNARKs, and other applications… to how we’ll build.