Crypto can help decentralize the power structures that are emerging in AI.

Chris always talks about, do you want to be the indie band or do you want to play like the Super Bowl or the Mega Stadium?

And I think like stable coins really have the ability to appeal to like a much broader audience.

Stable coins are beginning to really gain traction. So there's something like $16 trillion in volume on stable coins per year.

I actually think it's a great time for folks to be building token networks.

Crypto is like a fundamentally radical set of technologies that is very, very hard for incumbent players to adopt and run with,

precisely because it is so fundamentally disruptive

to the way that they do things.

What's actually working in crypto right now?

For a long time, the space has been defined by bold visions

and has elicited strong skepticism.

So today, we're getting clear on what's real,

what's being used at scale, and what's coming next.

Joining me are two of my fellow general partners here at A16Z, Al Yajya, who leads investment

across crypto infrastructure and developer tools, and Ariana Simpson, who focuses on early-stage

crypto networks and founders building at the edge.

We get into why stable coins may finally be crypto's breakout product, how AI agents are creating

new demand for crypto rails, and what's changing in policy that could unlock the next wave

of token networks.

We also talk about the enduring vision for decentralized social, the evolving smart contract

landscape, and why Ethereum is still widely misunderstood. Let's get into it.

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