State of Crypto 2025: The Latest Data, Trends, and Themes Revealed

122 snips

Oct 22, 2025

Guest

Eddy Lazzarin

Guest

Daren Matsuoka

Daren Matsuoka, Head of Data and Fund Strategy at a16z Crypto, and Eddy Lazzarin, Chief Technology Officer at a16z Crypto, dive into the evolution of crypto highlighted in the 2025 State of Crypto report. They discuss why stablecoins are surging, how major financial institutions are adopting crypto, and the implications of Bitcoin's resurgence. The conversation explores trends like AI's effect on talent flow, the tokenization of real-world assets, and the demand for privacy in transactions. Insights on the changing regulatory landscape and predictions for crypto turning 18 wrap up the discussion.

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ADVICE

Judge Institutions By Products, Not PR

Expect institutional interest to stick only if they build real products, not PR pilots.
Evaluate corporate crypto moves by looking for concrete product launches and commitments, not symbolic gestures.

INSIGHT

Institutions Are Building Real Crypto Products

Institutions now build concrete crypto products rather than PR-focused pilots, driven largely by stablecoin utility.
Eddy cites Morgan Stanley and others executing thoughtful, on-chain-forward strategies.

INSIGHT

Trillions In Stablecoin Volume, Adjusted To $10T

Stablecoins saw $46T unadjusted volume; adjusted to ~ $10T to filter internal/institutional rebalancing.
Low transaction costs and programmability make such massive on-chain flows possible and useful.

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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/

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