This is the year the world came onchain. When we launched our first State of Crypto report, the industry was still in its adolescence. The total crypto market was worth about half what it is today. Blockchains were much slower, more expensive, and less reliable.  In the last three years, crypto builders weathered a major market drawdown and political uncertainty — but continued to make significant infrastructure improvements and other advancements. Those efforts bring us to today, a moment when crypto is becoming a meaningful part of the modern economy. The story of crypto in 2025 is one of industry maturation. In short, crypto grew up:

Traditional financial incumbents, like Visa, BlackRock, Fidelity, and JPMorgan Chase — and tech-native challengers like PayPal, Stripe, and Robinhood — are offering or launching crypto products.  Blockchains now process over 3,400 transactions per second (100x+ growth in the last five years). Stablecoins power $46 trillion ($9 trillion adjusted) in annual transactions, rivaling Visa and PayPal. Over $175 billion sits in Bitcoin and Ethereum exchange-traded products.

Our latest State of Crypto report explores this industry transformation, from institutional adoption and the rise of stablecoins to the convergence of crypto and AI. And for the first time, we’re introducing a new way to explore the data and track the industry’s evolution by the metrics that matter: the State of Crypto dashboard. Now for the findings… Key takeaways

The crypto market is big, global, and growing Financial institutions have embraced crypto  Stablecoins went mainstream Crypto is stronger than ever in the United States The world is coming onchain  Blockchain infrastructure is (almost) ready for prime time Crypto and AI are converging

The market is big, global, and growing In 2025, the total crypto market cap crossed the $4 trillion threshold for the first time, marking the industry’s broad progress. The number of crypto mobile wallet users also reached all