Andreessen Horowitz (a16z) believes crypto’s experimental phase is giving way to maturity, as the digital asset ecosystem increasingly resembles a fully integrated global financial network rather than a speculative niche.
In its newly released State of Crypto 2025 report, the venture capital firm outlines how the industry is transitioning into a more structured and regulated environment. The analysis highlights three defining forces, stablecoin adoption, tokenized real-world assets (RWA), and the growing intersection between blockchain and artificial intelligence (AI), as core drivers of this transformation.
From Speculation to Structure
According to a16z’s research team, the past two years of technological and regulatory development have laid the groundwork for sustainable growth. The report emphasizes that crypto infrastructure, from Layer-2 scaling networks to decentralized identity systems, has matured enough to support billions in real economic activity.
“Crypto’s evolution now mirrors the early internet’s path from experimentation to global integration,” the analysts wrote, noting that U.S. and European regulatory clarity, alongside increasing participation from institutional investors, is helping reshape perceptions of the industry.
Stablecoins and Real-World Assets Lead the Shift
The a16z report points to stablecoins as one of crypto’s most practical financial innovations, with global on-chain payments and cross-border settlements driving mainstream adoption. Meanwhile, the tokenization of traditional assets, from U.S. Treasuries to real estate and commodities, is bringing liquidity and transparency to markets once limited by friction and intermediaries.
The report also highlights that more than $5 trillion in global assets could migrate onchain by 2030 if the current tokenization trend continues.
AI Meets Blockchain
Finally, a16z predicts that the convergence of AI and blockchain will define the next innovation wave. Smart contracts, decentralized compute, and verifiable data pipelines are already enabling “AI agents” that can transact autonomously and securely, potentially forming the backbone of future digital economies.
With these shifts, Andreessen Horowitz concludes that crypto is entering an era of “practical utility and global finance integration,” suggesting that 2025 could mark the year digital assets stop being viewed as an alternative market, and start being seen as part of the financial mainstream.
