[a16z Report: Stablecoin Annual Transaction Volume Reaches $46 Trillion] a16z released the 'State of Crypto 2025' report, which shows that the crypto market continues to expand, with estimated monthly active users reaching 40 to 70 million, exhibiting a 'price-developer-user' feedback loop. The fastest-growing region for on-chain activity is in developing countries, with developers active in ecosystems such as Ethereum (including L2), Solana, and Bitcoin. Additionally, the annual transaction volume of stablecoins has reached $46 trillion, which is 20 times that of PayPal and 3 times that of Visa.