Crypto sure does feel exactly like a 17-year-old, right? Like just nearing the end of adolescence, starting to step into adulthood, being taken seriously by the other adults in the room, but still plenty of growing up left to do.

Every bank I've ever spoken with wants to talk about stable coins, every financial institution, and then small companies, merchants. They feel totally inevitable now to the mainstream.

Bitcoin specifically now, it's a top 10 asset in the world.

Crypto certainly has become a meaningful part of the modern economy today.

People say people don't care about privacy, whatever.

No, of course they care about privacy.

People take it for granted.

That's what they mean by don't care.

But they have expectations.

Crypto just turned 17,

and it's finally being taken seriously by the adults in the room.

Today, you'll hear from Darren Matsoka and Eddie Lazarin of A16D Crypto

on their 2025 state of crypto report.

They cover how the industry hit $4 trillion in market cap while developers mysteriously stayed away,

why stable coins are now a top 20 holder of U.S. debt and the perfect storm of institutional adoption

that's actually real this time. We discussed the distributed price innovation

cycle where mean coins couldn't attract builders, why privacy will become non-negotiable as

crypto goes mainstream, and what happens when crypto turns 18 next year, becoming a legally

liable adult with real regulations and consequences. Let's get into it. Welcome to Web3 with A16Z. I'm your host, Robert Hackett.

Today we're taking you behind the scenes of A16Crypto's 2025 State of Crypto report.

Each year, this report takes stock of where the industry stands,

cutting through the noise to capture a snapshot of crypto's evolution across markets,

...