A new analysis from the venture capital firm a16z crypto highlights significant growth in the cryptocurrency ecosystem throughout 2025, marking a pivotal year for mainstream adoption among consumers, institutions, and stablecoin users.
The report, released by Andreessen Horowitz’s crypto-focused arm managing $46 billion in capital, states that the total crypto market valuation exceeded $4 trillion this year. Alongside this expansion, the number of mobile wallet users increased by 20% compared to 2024, with active crypto users rising to an estimated 40 to 70 million, reflecting a gain of roughly 10 million from the previous year. Despite this increase, these active users represent only a portion of the broader crypto ownership base, which now totals approximately 716 million people, a 16% annual rise.
Stablecoins emerged as a major component of this growth, processing an impressive $46 trillion in transactions, rivaling established payment networks like Visa and PayPal. The stablecoin market capitalization expanded to $308 billion, climbing by $100 billion since January. Tether’s USDT remains the dominant stablecoin, with a market cap of $183 billion.
The report attributes much of this upward trajectory to an improved regulatory framework. Key legislative measures such as the CLARITY Act, focused on market regulation, and the GENIUS Act, targeting stablecoin oversight, have provided fresh clarity. Notably, the GENIUS Act was signed into law on July 18 by former President Donald Trump, contributing to heightened confidence.
Institutional involvement also intensified in 2025, as major corporations including Visa, JPMorgan, Fidelity, BlackRock, PayPal, and Stripe expanded their crypto offerings. This institutional embrace is reflected in the surge of exchange-traded products (ETPs), with on-chain crypto holdings soaring to $175 billion, a 169% increase compared to last year’s $65 billion.
Further emphasizing 2025 as a turning point, the report cites substantial enhancements in crypto infrastructure. Blockchain networks now regularly process over 3,400 transactions per second, representing a 100-fold increase over five years, accompanied by reduced fees and faster transaction speeds. Among the ecosystems driving this innovation, Solana is highlighted with a total value locked (TVL) of $13 billion.
Looking ahead, the report envisions that continued regulatory clarity, ongoing institutional participation, and robust infrastructure will help integrate crypto more deeply into the global financial system. It notes, “With greater regulatory clarity on the horizon, a path is clearing for tokens to generate real revenue via fees.” The adoption of crypto by traditional finance and fintech sectors is expected to accelerate, with stablecoins playing an increasing role in upgrading legacy financial systems and broadening global access. Additionally, the emergence of new consumer products is anticipated to bring more users onto blockchain networks.
Overall, the a16z report positions 2025 as a milestone year in cryptocurrency’s evolution, demonstrating its transition from a niche technology to a fundamental element within the modern economic landscape.
