a16z's State of Crypto: The $4 Trillion Milestone and What's Next'

The regulatory environment has completely inverted. Stablecoins are now a top 20 holder of US treasuries. Every major bank wants in. In a16z Crypto’s 2025 State of Crypto report, Daren Matsuoka (Head of Data) and Eddy Lazzarin (CTO) reveal how crypto hit $4 trillion market cap while fundamentally re