Crypto Matures: Institutions Embrace Stablecoins, Build the Future
a16z's State of Crypto: The $4 Trillion Milestone and What's Next'
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Resources & Recommendations
Books
- "The State of Crypto Report" - This is an annual report by a16z Crypto that provides a snapshot of the industry's evolution across markets, technology, policy, and culture. The episode discusses the 2025 edition.
Research & Studies
- 2025 State of Crypto Report (a16z Crypto) - This report covers the industry's market cap, developer engagement, stablecoin holdings of US debt, and institutional adoption.
- State of Crypto Data Dashboard (a16z Crypto) - An online dashboard that updates metrics tracked in the State of Crypto Report.
Organizations & Institutions
- a16z Crypto - The crypto arm of venture capital firm Andreessen Horowitz, responsible for the State of Crypto Report.
- CoinGecko - A platform that tracks cryptocurrency data, mentioned in relation to web traffic for top tokens.
- Allium - A data provider that a16z Crypto works with for stablecoin transaction volume analysis.
- Citibank - Financial institution that provided a prediction on stablecoin growth.
- Blackrock - Asset management firm whose Bitcoin ETF launch is highlighted as the most successful ever, and whose CEO is mentioned as a proponent of tokenization.
- Stripe - Financial technology company that acquired Bridge and has its own blockchain project (Tempo) and wallet infrastructure (Privi).
- Robin Hood - Financial services company that is developing its own L2 solution and plans to tokenize equities.
- Revolut - Fintech company with plans for bridging and integrating with crypto rails.
- Morgan Stanley - Financial institution whose thoughtful and specific approach to offering crypto products to users was noted.
- Paxos - Company behind the Pax Gold (PAXG) token, mentioned as an attractive way to gain gold exposure.
- Hyperliquid - Protocol mentioned for its product experience in perpetual futures trading, achieving a billion-dollar revenue run rate.
- dYdX - A decentralized perpetual exchange protocol, noted as an early popular product in this category.
- Lighter - Protocol mentioned in the context of innovations in perpetual futures trading.
- Polymarket - A prediction market platform that is fiercely competing for users.
- Kalshi - A prediction market platform that is fiercely competing for users.
- Intrade - A prediction market that existed before Augur, mentioned in its historical context.
- Augur - An early prediction market platform that inspired the host's entry into crypto.
Websites & Online Resources
- a16z.com/disclosures - A link provided for important disclaimers and information regarding a16z's investments.
- a16zcrypto.com/stateofcrypto2025 - The URL where the 2025 State of Crypto Report can be found.
Other Resources
- Bitcoin White Paper (October 2008) - The foundational document for Bitcoin, marking the industry's 17th anniversary.
- zk-proofs - Zero-knowledge proofs, mentioned as an area of accelerated development for privacy.
- x402 - Mentioned in the context of AI payments and the agentic economy.
- Bitcoin ETFs/ETPs - Exchange-Traded Products for Bitcoin, noted for their significant market impact.
- Wrapped Bitcoin - A representation of Bitcoin usable in DeFi, requiring trust assumptions.
- Bitcoin Lightning Network - Technology for faster and cheaper Bitcoin transactions, with innovation from Lightspark.
- BitVM - A research project exploring ways to make Bitcoin programmable without technological upgrades.
- Quantum Computing - A future threat to Bitcoin's public key cryptography, with an estimated 6-7 million Bitcoin at risk.
- Digital Asset Treasury Companies (DATs) - Public companies acquiring tokens to build reserves.
- Bridge - A company acquired by Stripe, mentioned as a starting gun for institutional interest.
- Tempo Project - Stripe's own blockchain project.
- Privi - Wallet infrastructure company acquired by Stripe.
- Tokenized Equities - The concept of representing stocks on the blockchain.
- Pax Gold (PAXG) - A tokenized gold asset mentioned as an attractive way to gain gold exposure.
- Private Credit - A category of real-world assets that is seeing significant tokenization due to ease of management and transaction.
- Meme Coins - Digital assets often driven by speculation and internet culture, with improved underlying technology enabling their proliferation.
- Perpetual Futures (Perps) - Leveraged derivatives contracts, particularly appealing to crypto speculators.
- dPin (Decentralized Physical Infrastructure Networks) - A category of crypto applications mentioned in the context of building on neutral platforms.
- NFTs - Non-Fungible Tokens, mentioned as an example of a category that transitioned from speculation to collecting.
- Network Tokens - Crypto tokens representing ownership or access to decentralized networks.
- Real World Assets (RWAs) - A term for tokenized traditional financial assets, though "big boy assets" is suggested as an alternative.
- US Treasuries - US government debt, with stablecoins identified as a significant holder.
- Railgun - A privacy-enhancing protocol for stablecoin transactions.
- Zcash - A cryptocurrency focused on privacy.
- Zashi Wallet - A wallet associated with Zcash.
- Nuar - A portfolio company of a16z developing privacy solutions.
- Smart Contract Blockchains - Blockchains that support programmable applications, like Ethereum and Solana.
- Ethereum L2s - Layer 2 scaling solutions for Ethereum.
- Solana - A high-performance blockchain.
- Global Payment Networks - Networks like Visa and ACH, used for comparison with stablecoin transaction volume.
- PayPal - A digital payment platform, used for comparison with stablecoin transaction volume.
- Tether - A dominant stablecoin issuer.
- Circle - A dominant stablecoin issuer, responsible for USDC.
- Tron - A blockchain network where Tether is utilized for payments.
- USDC - A stablecoin issued by Circle.
- Genius Act - Legislation related to stablecoins in the US.
- Coinbase - A cryptocurrency exchange.
- Self-custody - The practice of holding cryptocurrency keys oneself, rather than relying on a third party.
- Gwart (Twitter user) - A tweet about leverage and liquidation in crypto was referenced.