The 2025 state of crypto report from a16z, a top-tier web3 investment firm, has concluded that the industry has matured. In a detailed report, a16z noted that the crypto industry has reached its maturation stage, fueled by the mainstream adoption from institutional investors across the world.
“This year’s story: the maturation of the crypto industry — with growing institutional adoption, the rise of stablecoins, better infrastructure, new consumer experiences, and long-awaited regulatory clarity,” a16z noted.
Main Points from the 2025 State of Crypto Report from a16z
Mainstream Adoption of the Crypto Industry
According to the 2025 state of crypto report from a16z, the number of monthly active users in the web3 space has grown to 40-70 million. The number of crypto monthly active users increased by 10 million during the past year.
However, the figure is a small fraction of the estimated number of people who own crypto, currently at about 716 million.
Stablecoin Market Grows Immensely Fueled By Regulatory Clarity
The a16z report noted that stablecoins have experienced significant growth in 2025, fueled by a clear regulatory framework in the United States. The enactment of the GENIUS Act in the United States has influenced the mainstream adoption of stablecoins.
During the past 12 months, the adjusted total stablecoin transactions amounted to $9 trillion. On the other hand, PayPal Holdings recorded a total transaction volume of about $1.7 trillion during the past 12 months.
The Stablecoin market has been a reliable buyer for U.S. treasuries, especially as other countries offload, amid rising national debt beyond $38 trillion.
TradFi Proliferates into Crypto Market
The a16z report noted that dozens of traditional financial institutions have joined the crypto industry in the last 12 months. Some of the prominent TradFi companies that joined crypto in the past 12 months include: Fidelity, JPMorgan, Mastercard, and Visa.
As such, the a16z report noted that the blockchains have now grown to process 3,400 transactions per second, more than 100x growth compared to the last five years.
Crypto Market Gets New Use Cases
During the past 12 months, the crypto market saw new use cases go mainstream. For instance, the report noted that perpetual futures, prediction markets, and real-world assets tokenization gained traction in 2025.
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