Active cryptocurrency users surpass 70 million
- Global on-chain activity grows and attracts new users
- Stablecoins move more than US$46 trillion in one year
- Institutional Adoption and Developers Drive Ethereum and Solana
Andreessen Horowitz's cryptocurrency investment arm, a16zcrypto, released in its “State of Crypto 2025” report that the number of active users in the global crypto market reached between 40 and 70 million, an increase of about 10 million compared to the previous year. The study indicates that the sector is transitioning from a phase of simple asset ownership to a stage marked by regular and engaged on-chain activity.
The research shows that adoption is growing rapidly in emerging markets, especially in Argentina, Colombia, India, and Nigeria, where mobile wallet usage is a key indicator of on-chain activity. In developed countries like Australia and South Korea, however, traffic on token platforms reflects a profile more focused on trading and speculation.
According to the report, Hyperliquid and Solana account for 53% of revenue-generating economic activity in the sector, surpassing Bitcoin and Ethereum in terms of transaction volume with financial returns. a16zcrypto also highlighted that the number of developers in the Ethereum ecosystem and its second-layer networks continues to grow, while interest in Solana has grown 78% in the last two years.
In the institutional arena, global banks and fintechs are stepping up their entry into the cryptocurrency market. The document cites Circle's billion-dollar IPO, as well as initiatives by JPMorgan and Visa, which are integrating digital assets into traditional financial products such as stocks and ETFs.
Stablecoins have established themselves as the main driver of the on-chain economy, moving $46 trillion in transaction volume last year—a 106% increase. When adjusted for organic activity, the volume reaches $9 trillion, surpassing PayPal fivefold and reaching more than half of Visa's annual transaction volume.
The report also points out that stablecoins hold over $150 billion in U.S. Treasury securities, reinforcing the digital dollar's role as a pillar of global liquidity. A16zcrypto projects that the stablecoin market could exceed $3 trillion by 2030, solidifying its role at the intersection of traditional finance and the cryptocurrency ecosystem.
