The State of Crypto 2025 report from Andreessen Horowitz (a16z), released on October 21, outlines a pivotal shift in the blockchain industry from speculation to structural maturity, driven by Solana's explosive growth, stablecoin adoption, and AI integration.
Solana has emerged as the fastest-growing blockchain ecosystem, with builder participation surging by 78% over two years and generating over $3 billion in app revenue in the past year. The network now accounts for 53% of total onchain app revenue when combined with Hyperliquid, surpassing the combined real revenue of Ethereum and Bitcoin. a16z frames Solana as "a functioning economy, not a speculative experiment," citing its all-in-one stack for DeFi, NFTs, and consumer apps as a key advantage over Ethereum's fragmented Layer-2 ecosystem.
Stablecoins have become the backbone of crypto, processing $46 trillion in transactions annually—more than triple Visa's volume. Issuers collectively hold over $150 billion in U.S. Treasuries, and the report predicts the stablecoin market could exceed $3 trillion by 2030, supported by regulatory frameworks like the GENIUS Act and MiCA. In emerging markets, stablecoins serve as a lifeline amid currency volatility and limited banking access.
The convergence of AI and blockchain is another highlight, with a16z forecasting that AI agents could become "machine customers" using crypto for payments. The firm estimates $30 trillion in machine-to-machine transactions by 2030, enabled by protocols like x402 and AI-compatible smart contracts.
Institutional adoption is accelerating, with examples including BlackRock's ETF expansion, Circle's upcoming IPO, and PayPal's stablecoin rollout. a16z describes this as "crypto's institutional phase," where capital efficiency, regulatory clarity, and onchain utility take precedence over speculative cycles.
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