Ethereum Leads Global On-Chain Growth in a16z’s State of Crypto 2025 Report, Highlighting a Price-Developer-User Loop and Surging Stablecoin Activity

A16z’s State of Crypto 2025 report frames the sector as still expanding, propelled by a price–developer–user feedback loop that reinforces demand, innovation, and engagement. The study emphasizes global reach, noting that on-chain activity is rising most quickly in developing economies.

Developer activity remains concentrated in leading ecosystems, with Ethereum (including L2s), Solana, and Bitcoin at the core, supported by a growing network of cross‑chain projects that strengthen multi-chain interoperability for builders and users alike.

Stablecoins dominate transaction flows, tallying about $46 trillion in annual volume—roughly 20x PayPal and 3x Visa—underscoring their role in liquidity, settlement, and global payments.