Allium’s onchain data was featured in a16z crypto’s latest State of Crypto 2025 report — highlighting key industry trends across stablecoins, bridging infrastructure, NFTs, and more. The report uses Allium data to illustrate how billions of dollars now flow between blockchains and how stablecoins have become a cornerstone of the global onchain economy. The following text is the introduction of the report originally shared by a16z.

State of Crypto 2025: Stablecoins, institutional adoption, and AI

Authors: Daren Matsuoka, Robert Hackett, Stephanie Zinn, Jeremy Zhang, Eddy Lazzarin

Check out the full report and our new State of Crypto dashboard, which tracks key industry metrics here.

This is the year the world came onchain.

When we launched our first State of Crypto report, the industry was still in its adolescence. The total crypto market was worth about half what it is today. Blockchains were much slower, more expensive, and less reliable.

In the last three years, crypto builders weathered a major market drawdown and political uncertainty — but continued to make significant infrastructure improvements and other advancements. Their efforts bring us to today, making it possible for crypto to become a meaningful part of the modern economy.

The story of crypto in 2025 is one of industry maturation. In short, crypto grew up:

• Traditional financial incumbents, like Visa, BlackRock, Fidelity, and JPMorgan Chase and tech-native challengers like Paypal, Stripe, and Robinhood are offering or launching crypto products.
• Blockchains now process over 3,400 transactions per second — more than Nasdaq during trading hours — while more than $30 billion in real-world assets have been tokenized.
• Stablecoins now power $46 trillion in annual transactions, rivaling Visa and PayPal.
• Over $175 billion sits in Bitcoin and Ethereum exchange-traded products.

Our latest State of Crypto report explores this industry transformation, from institutional adoption and the rise of stablecoins to the convergence of crypto and AI.

And for the first time, we’re introducing a new way to explore the data, and track the industry’s evolution by the metrics that matter: the State of Crypto dashboard.

Key takeaways

• The crypto market is big, global, and growing
• Financial institutions have embraced crypto
• Stablecoins went mainstream
• Crypto is stronger than ever in the United States
• The world is coming onchain
• Blockchain infrastructure is (almost) ready for prime time
• Crypto and AI are converging