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.

Welcome to Web 3 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, technology, policy, culture, and more.

Now in its fourth edition, the State of Crypto Report reflects how this once-fringed technology has recently hit all-time highs and gone mainstream, from stable coins and tokenized assets

to rapid recent adoption by major financial firms.

In this episode, we'll dig into the findings and themes from this year's report with some of

its authors, including lead author Darren Matsuoka, A16Z Crypto's Head of Data and Funds Strategy,

and Eddie Lazarin, A16Z Crypto's chief technology officer.

We'll also talk about what's changed since

last year, where crypto stands in its stages of development, why stablecoins are suddenly taking

over, and how institutions from fintechs to legacy banks are embracing the technology. We'll also

look ahead at trends like privacy and tokenization and what the next

phase of crypto's adulthood might look like. You can find the report in this episode's show notes

and at A16crypto.com slash state of crypto 2025. Also be sure to check out our new state

of crypto data dashboard, which you can also find on our site.

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