Andreessen Horowitz (a16z) has released its State of Crypto 2025 report, highlighting a transformative era for the cryptocurrency industry marked by real utility. The report emphasizes infrastructure upgrades, regulatory clarity, and integration with traditional finance as key drivers. Notably, stablecoins processed $46 trillion in transactions last year, surpassing PayPal and challenging major payment networks. The report also notes significant institutional adoption, with firms like BlackRock, JPMorgan, and Morgan Stanley expanding their crypto offerings. Blockchain upgrades on Ethereum and Solana have increased transaction speeds to over 3,400 per second, while $30 billion in real-world assets have been tokenized. a16z foresees a shift towards revenue-generating projects and consumer apps as catalysts for future growth.