Venture capital firm a16z has released its "2025 Crypto Industry Status Report," revealing that the total market capitalization of the crypto market has surpassed $4 trillion for the first time. The report highlights that stablecoin annual transaction volume reached $46 trillion, with an adjusted figure of $9 trillion. Monthly active crypto wallet users range between 40 to 70 million, and on-chain transaction processing speeds have increased to 3,400 transactions per second. The report also notes that Solana and Hyperliquid account for 53% of on-chain economic activity. Additionally, the DePIN market is projected to reach $3.5 trillion by 2028. a16z describes the crypto industry as transitioning from its "adolescence" to "adulthood."