According to a report by venture capital firm Andreessen Horowitz (a16z), the cryptocurrency market in 2025 is increasingly influenced by institutional adoption and the rise of stablecoins, highlighting the rapid advancements in blockchain technology that can support broader mainstream usage.
In its latest "State of Crypto" report, a16z emphasizes the growing involvement of traditional financial giants such as BlackRock, Visa, Fidelity, and JPMorgan Chase, as well as fintech companies like Stripe, PayPal, and Robinhood, all of which are expanding their presence in the digital asset space.
Part of this growth is attributed to improvements in underlying blockchain infrastructure, with some networks now processing over 3,400 transactions per second, resulting in a more than 100-fold increase in throughput over the past five years.
This technological advancement has driven the continued adoption of stablecoins, digital tokens pegged to fiat currencies that can flow over the internet without relying on traditional payment rails. The report indicates that stablecoin transaction volume reached $9 trillion in the past 12 months, an 87% increase from the previous year.
On an unadjusted basis, the stablecoin transaction value during the same period reached $46 trillion.
"In recent years, stablecoins have primarily been used for settling speculative crypto trades; however, they have now become the fastest, cheapest, and most global way to send dollars," the report states.
Regulatory developments have also contributed to driving adoption. In the U.S., the recently passed GENIUS Act establishes clearer regulatory and reserve requirements for issuers, aimed at ensuring transparency and consumer protection. In the UK, legislative progress has been slower, with regulators working to introduce a stablecoin framework by the end of next year.
In addition to stablecoins, a16z also notes the growth of institutional participation across the entire crypto industry, including the rise of spot exchange-traded funds (ETFs) and initiatives by major institutions like Citigroup, Fidelity, JPMorgan, and Morgan Stanley to offer or expand crypto-related services.
One of the key takeaways from the "State of Crypto" report is that stablecoins are becoming what a16z refers to as a "global macroeconomic force." The report points out that over 1% of U.S. dollars now exist in stablecoin form on public blockchains.
According to a16z, stablecoins collectively hold over $150 billion in U.S. Treasury securities, making them the 17th largest holder of U.S. government debt, surpassing many sovereign nations.
A significant portion of this exposure comes from market leader Tether, which holds approximately $127 billion in Treasury bills.
According to CoinMarketCap, the overall stablecoin market has expanded to about $316 billion. In addition to Tether's USDT and Circle's USDC, which are fully collateralized stablecoins, Ethena's synthetic dollar USDe is also gaining attention, with a circulating supply of about $11 billion.
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Original article: “a16z Report: Stablecoin Transaction Volume Reaches $46 Trillion, Becoming a ‘Global Macroeconomic Force’”
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