From Speculation to Sustainability, Web3 is Moving Toward the Mainstream
I have just finished reading a16z’s 2025 State of Crypto report and would like to share some key data points and reflections:
1) The annual transaction volume of stablecoins has reached USD 46 trillion, three times that of Visa. Even after removing noise data such as bots, the figure stands at USD 9 trillion, which is still five times that of PayPal.
This means that stablecoins are no longer simply competing with a particular payment company but are reshaping the entire US dollar circulation system. This explains why the US government has suddenly shifted its stance on crypto, realizing that stablecoins are a digital weapon for solidifying the dominance of the US dollar. It also clarifies why Tether is building Plasma and Stable, and why…
