In 2025, crypto broke new records in terms of adoption. In its latest report, a16z reviews developments across various sectors of the ecosystem. Here’s a rundown.
Crypto Adoption Explodes in 2025
There are two ways to gauge cryptocurrency adoption: prices and the development of use cases. While prices have risen sharply in recent years, we have also seen a breakthrough for blockchain technologies in traditional finance.
This is what analysts at a16z sought to highlight in their latest report, “State of Crypto 2025.”
First, it is worth noting that while the number of cryptocurrency holders is estimated at 716 million, the number of monthly active users is believed to be only between 40 and 70 million people. This, therefore, offers growth potential for developers looking to target users who already hold crypto.
Among the various sectors discussed, stablecoins also feature prominently. Over the past 12 months, this asset class has generated $46 billion in volume—more than Visa and PayPal combined—and could rival the Automated Clearing House (ACH), the payment system used by U.S. financial institutions.
However, a counting model that focuses on organic transactions and seeks to exclude bots and artificial activity brings this volume down to $9 billion. While this is significantly lower than the initial figure reported, it is nonetheless substantial:
Stablecoin volumes over the past 12 months
Beyond volume, this adoption is also reflected in the mention of the term “stablecoin” in filings with the Securities and Exchange Commission (SEC). With about 20 mentions last January, this figure surpassed 300 in September.
Another hot topic in recent months has been the so-called “crypto treasuries” listed on stock exchanges. Regardless of the credibility of the various companies, it’s worth noting that they now hold approximately 3.5% of all BTC and ETH and 2.2% of all SOL:
Over the years, all these statistics can be regularly compared to assess how they have evolved over time, both during bear markets and bull markets.
