A16z Crypto has published their updated Crypto Market Report of 2025where they analyse progress across key sectors.
Specifically, the report discusses the maturation of issuance supply as detaching itself from wider market trends and presents a strong overview of stablecoins reaching their product market fit.
Stablecoins compared to large payment networks. State of Crypto 2025.
This graph showcases the total annual volumes of stablecoins in comparison to large payment networks, such as Visa and Mastercard.
The number is adjusted for transactions that were deemed artificial or duplicate.
The authors also highlight the growing impact of stablecoin bi-products, namely the gradually changing rankings of the largest holders of U.S. Treasuries.
In accordance witht the Genius Act, stablecoin issuers must hold 1:1 backing with liquid reserves such as cash, cash equivalents, repo agreements or short-term treasuries witha maturity of 93 days or less.
U.S. Treasuries held by stablecoin issuers compared to countries. State of Crypto 2025.
Throughout, stablecoins are seen as instrumental and branches purely out of the crypto industry and into macro factors.
The team seems to agree that they are on track to hit the 10x in market cap as forecasted by major banks, fostered by a new recognition and development in regulations across states, institutions and users.
This report by A16z additionally dives deeper into other areas of the crypto ecosystem, including perpetual and prediction markets, DeFi growth, as well as the widespread adoption of DePin networks.
