{"id":90194,"date":"2025-10-23T11:56:04","date_gmt":"2025-10-23T08:56:04","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=90194"},"modified":"2025-10-23T12:03:27","modified_gmt":"2025-10-23T09:03:27","slug":"a16z-stablecoins-have-taken-crypto-mainstream","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/a16z-stablecoins-have-taken-crypto-mainstream\/","title":{"rendered":"a16z: Stablecoins have taken crypto mainstream"},"content":{"rendered":"<p>Since January, transactions with <a href=\"https:\/\/forklog.com\/en\/news\/what-are-stablecoins\">\u201cstablecoins\u201d<\/a> have reached $46 trillion \u2014 106% more than in the same period a year earlier. a16z Crypto analysts called the spread of stablecoins the clearest indicator of the crypto industry\u2019s maturity.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Our latest State of Crypto report is here.<\/p>\n<p>The main theme for the year is the maturation of the crypto industry:<\/p>\n<p>\u2022 Traditional financial institutions and fintechs launched crypto products<br \/>\u2022 DeFi and stablecoins went mainstream<br \/>\u2022 Blockchains got faster and cheaper<br \/>\u2022 The\u2026 <a href=\"https:\/\/t.co\/xEZoO3AX5N\">pic.twitter.com\/xEZoO3AX5N<\/a><\/p>\n<p>\u2014 a16z crypto (@a16zcrypto) <a href=\"https:\/\/twitter.com\/a16zcrypto\/status\/1981024131450818602?ref_src=twsrc%5Etfw\">October 22, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cNothing signals the sector\u2019s coming of age like the rise of fiat-pegged tokens. In previous years, they were used mainly to settle speculative crypto trades, but they have now become the fastest, cheapest and most global way to move dollars \u2014 in under one second and for less than one cent to almost anywhere in the world,\u201d the <\/em><a href=\"https:\/\/a16zcrypto.com\/posts\/article\/state-of-crypto-report-2025\/\"><em>report<\/em><\/a><em> says.\u00a0<\/em><\/p>\n<\/blockquote>\n<p>Excluding bot activity and wash trading, stablecoin turnover totalled $9 trillion \u2014 almost half of Visa\u2019s and five times that of PayPal.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-074b55ed4dd9279d-7602129190709936-1024x576.png\" alt=\"image\" class=\"wp-image-268061\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-074b55ed4dd9279d-7602129190709936-1024x576.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-074b55ed4dd9279d-7602129190709936-300x169.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-074b55ed4dd9279d-7602129190709936-768x432.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-074b55ed4dd9279d-7602129190709936.png 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Transaction volumes via PayPal, Visa, stablecoins and the ACH system. Source: a16z.\u00a0<\/figcaption><\/figure>\n<p>Monthly volumes keep setting records \u2014 in September they reached $1.25 trillion.<\/p>\n<p>Analysts stressed that activity barely correlated with overall crypto trading volumes. In their view, this confirms a shift from speculative to real-world use of stablecoins.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-40669a50a90dc635-7602183319799393-1024x576.png\" alt=\"image\" class=\"wp-image-268062\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-40669a50a90dc635-7602183319799393-1024x576.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-40669a50a90dc635-7602183319799393-300x169.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-40669a50a90dc635-7602183319799393-768x432.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-40669a50a90dc635-7602183319799393.png 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Comparing spot crypto trading with stablecoin transaction volume. Source: a16z.\u00a0\u00a0<\/figcaption><\/figure>\n<p>The sector\u2019s total capitalisation has exceeded $300 billion. USDT and <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-usdc-stablecoin\">USDC<\/a> account for 87% of the market. Some 64% of transactions are processed on the Ethereum and <a href=\"https:\/\/forklog.com\/en\/news\/what-is-tron-trx\">TRON<\/a> networks.<\/p>\n<p>Stablecoins \u201chave become a significant macroeconomic force,\u201d the analysts noted. More than 1% of the US dollar money supply now exists in the form of stablecoins.<\/p>\n<p>Tether and Circle, the issuers, ranked 17th among the largest holders of US Treasuries, with more than $150 billion invested.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-af18004fb16da730-7602202028531014-1024x576.png\" alt=\"image\" class=\"wp-image-268063\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-af18004fb16da730-7602202028531014-1024x576.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-af18004fb16da730-7602202028531014-300x169.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-af18004fb16da730-7602202028531014-768x432.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-af18004fb16da730-7602202028531014.png 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Top-20 holders of US Treasuries. Source: a16z.\u00a0<\/figcaption><\/figure>\n<p>Analysts also noted that the number of active cryptocurrency users is 40\u201370 million worldwide \u2014 up by 10 million from 2024. In total, more than 716 million people own digital assets.<\/p>\n<p>Earlier, Tether <a href=\"https:\/\/forklog.com\/en\/news\/usdts-user-base-tops-500m\">reported<\/a> that USDT users had reached 500 million.<\/p>\n<h2 class=\"wp-block-heading\">The world moves on-chain\u00a0<\/h2>\n<p>The global economy is shifting into the blockchain realm \u2014 from tokenised assets to decentralised physical infrastructure (<a href=\"https:\/\/forklog.com\/en\/news\/analyst-predicts-supercycle-for-depin-sector\">DePIN<\/a>).<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe on-chain economy has evolved from a niche playground for enthusiasts into a multi-faceted market with millions of monthly participants,\u201d the a16z report says.\u00a0<\/em><\/p>\n<\/blockquote>\n<p>One in five spot trades now takes place on <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-decentralised-exchange-dex\">decentralized exchanges<\/a>. Riding the popularity of <a href=\"https:\/\/forklog.com\/en\/news\/the-price-of-popularity-and-a-lesson-for-all-hyperliquid\">Hyperliquid<\/a> and Aster, volumes in perpetuals trading have risen eightfold over the year. Such platforms generate more than $1 billion a year, putting them in the same league as <span data-descr=\"centralized exchange\" class=\"old_tooltip\">CEX<\/span>.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-ce0fc9faf6a2abf6-7602272539669029-1024x576.png\" alt=\"image\" class=\"wp-image-268064\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-ce0fc9faf6a2abf6-7602272539669029-1024x576.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-ce0fc9faf6a2abf6-7602272539669029-300x169.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-ce0fc9faf6a2abf6-7602272539669029-768x432.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-ce0fc9faf6a2abf6-7602272539669029.png 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Growth of spot trading on DEXs. Source: a16z.\u00a0<\/figcaption><\/figure>\n<p>The <a href=\"https:\/\/forklog.com\/en\/news\/what-are-rwas-real-world-assets\">RWA<\/a> market, a \u201cbridge between cryptocurrencies and traditional finance,\u201d has reached $30 billion \u2014 a fourfold rise in a year.<\/p>\n<p>Analysts paid special attention to the rapid development of DePIN. As an example, they cited the <a href=\"https:\/\/forklog.com\/en\/news\/what-is-helium-hnt\">Helium<\/a> network, which provides 5G coverage for 1.4 million users through 111,000 hotspots. According to forecasts, by 2028 the sector\u2019s capitalisation will grow to $3.5 trillion.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-04260a35bdddd74d-7602288482288929-1024x576.png\" alt=\"image\" class=\"wp-image-268065\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-04260a35bdddd74d-7602288482288929-1024x576.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-04260a35bdddd74d-7602288482288929-300x169.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-04260a35bdddd74d-7602288482288929-768x432.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-04260a35bdddd74d-7602288482288929.png 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Top DePIN projects. Source: a16z.<\/figcaption><\/figure>\n<p>Institutional adoption is rising, too. A host of traditional-finance giants \u2014 Citigroup, JPMorgan, Mastercard and Visa \u2014 announced crypto products.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-a41044281fb2e7da-7602301319822368-1024x576.png\" alt=\"image\" class=\"wp-image-268066\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-a41044281fb2e7da-7602301319822368-1024x576.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-a41044281fb2e7da-7602301319822368-300x169.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-a41044281fb2e7da-7602301319822368-768x432.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-a41044281fb2e7da-7602301319822368-1536x864.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-a41044281fb2e7da-7602301319822368.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Firms working with cryptocurrencies. Source: a16z.\u00a0<\/figcaption><\/figure>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-cryptocurrency-etf\">Exchange-traded funds<\/a> based on cryptocurrencies have attracted $175 billion \u2014 up 169% year on year. Corporate treasuries have accumulated 4% of the total supply of bitcoin and Ethereum, launching a new trend in the industry.<\/p>\n<h2 class=\"wp-block-heading\">Blockchains are ready for mass adoption\u00a0<\/h2>\n<p>The throughput of major networks has increased 100-fold in five years \u2014 to 3,400 transactions per second. According to the experts, such progress makes blockchain infrastructure ready to meet global demand.<\/p>\n<p>Current performance is comparable to Nasdaq\u2019s processing on peak trading days, or Stripe\u2019s global capacity on Black Friday. Meanwhile, transaction costs have fallen to historic lows: on <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-layer%e2%80%912-solution-in-blockchain\">layer-2 networks<\/a> built on Ethereum, fees have dropped from $24 in 2021 to less than one cent now.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-2fc20a8f39a57d96-7602315732498035-1024x576.png\" alt=\"image\" class=\"wp-image-268068\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-2fc20a8f39a57d96-7602315732498035-1024x576.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-2fc20a8f39a57d96-7602315732498035-300x169.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-2fc20a8f39a57d96-7602315732498035-768x432.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-2fc20a8f39a57d96-7602315732498035.png 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Average transaction fee and transactions per second on Ethereum and L2. Source: a16z.\u00a0<\/figcaption><\/figure>\n<p>Analysts emphasised that privacy is back in focus. Related search queries spiked in 2025. This also explains <a href=\"https:\/\/forklog.com\/en\/news\/privacy-coins-lead-the-altcoin-rally\">the hype around Zcash<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/ethereum-foundation-assembles-team-to-enhance-privacy\">the Ethereum Foundation\u2019s creation of <\/a>a new privacy team.<\/p>\n<p>In addition, they noted the rapid development of <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-zero-knowledge-proof\">zero-knowledge<\/a> systems, the shift of blockchains to post-quantum cryptography and the convergence of crypto with artificial intelligence.<\/p>\n<p>In August, a16z specialists <a href=\"https:\/\/forklog.com\/en\/news\/a16z-advocates-zero-knowledge-proofs-for-privacy-without-compromising-security\">outlined<\/a> a way to preserve privacy without compromising security.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since January, stablecoin transactions have reached $46 trillion \u2014 106% more than a year earlier.<\/p>\n","protected":false},"author":1,"featured_media":90195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Since January, stablecoin transactions reached $46 trillion","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1531,1628,787,1308,807],"class_list":["post-90194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-a16z-crypto","tag-depin","tag-dex","tag-rwa","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"343","promo_type":"1","layout_type":"1","short_excerpt":"Since January, stablecoin transactions reached $46 trillion","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/90194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=90194"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/90194\/revisions"}],"predecessor-version":[{"id":90196,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/90194\/revisions\/90196"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/90195"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=90194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=90194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=90194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}