a16z Podcast a16z's State of Crypto: The $4 Trillion Milestone and What's Next'
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Nov 9, 2025 
Daren Matsuoka, a data strategist at a16z Crypto, and Eddy Lazzarin, the CTO, dive into the $4 trillion crypto milestone. They discuss how stablecoins have emerged as major players, now holding significant U.S. treasuries. The duo explores why developers aren't chasing price trends this cycle and the surging demand for privacy in crypto. They touch on the tokenization of real-world assets and the growing importance of institutional interest. Their insights paint a picture of a maturing crypto landscape, set to evolve dramatically in the coming years.
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Crypto Reaches Mainstream Critical Mass
- Crypto is mainstreaming across many fronts, from stablecoins to ZK proofs and institutional interest.
- Eddy Lazzarin calls this a ‘perfect storm’ where infrastructure and adoption coalesce into a discrete, real industry.
Price Spike Without Developer Wave
- Prices are up but developer activity hasn't matched past cycles, breaking the usual price→developer flywheel.
- The run-up was driven by external factors (ETPs and meme mania) rather than developer-led product cycles.
Build For Stablecoin-Driven Builders
- Expect stablecoins and clearer regulation to attract new builders from finance and fintech.
- Position startups to solve compliance and payment integration problems to capture that inflow.