We're excited to share our 2025 State of Cryptocurrency report. This year's story: The cryptocurrency industry matures—increasing institutional adoption, the rise of stablecoins, improved infrastructure, a refreshed consumer experience, and long-awaited regulatory clarity. Read the full report → Here are a few key trends for 2025... The cryptocurrency market is massive (and growing) This year, the cryptocurrency market cap surpassed $4 trillion, with both prices and user numbers reaching all-time highs. After a decade of cyclical growth, cryptocurrency has become a vital component of the modern economy. With a powerful feedback loop between price, developers, and users, the industry is well-positioned for the next wave of products and innovation. 2025: The Year of Institutional Adoption Some of the largest financial institutions are not just exploring cryptocurrencies; they're making real commitments. Banks, asset managers, fintechs, and others see the opportunity for cryptocurrencies to reshape their businesses and are taking action. Stablecoins Have Got Mainstream Stablecoins have found product-market fit, and their transaction volumes now rival those of the world's largest payment networks. The United States is also realizing their strategic value: as the largest holder of U.S. Treasury bonds (expected to grow to trillions of dollars in the coming years), stablecoins provide a way to maintain the dollar's dominance. The World Is Going On-Chain New applications—such as perpetual bonds (PERPS), prediction markets, and tokenized risk-weighted assets (RWAs)—will explode in 2025. Growth here is surging: these areas are already bringing billions of dollars of economic activity on-chain, and it's still early days. The infrastructure is (almost) ready for prime time. The blockchain of 2025 will be able to handle this new wave of adoption while keeping fees low. To put this scaling into context, blockchains now process over 3,400 transactions per second (an increase of over 100x in 5 years). Throughput is now comparable to some large financial systems. Artificial Intelligence and Cryptocurrency Are Converging Two of today's most important technology trends—cryptocurrency and artificial intelligence—are mutually reinforcing. From verifying human identity to enabling proxy transactions, blockchain clearly has the opportunity to solve some of AI's most pressing challenges. The US cryptocurrency industry is stronger than ever. The US is reasserting its technological leadership. Landmark bills—the Genius Act and the Clarity Act—signal that cryptocurrency will take root in the US and lay the foundation to outlast shifts in government and political winds. The cryptocurrency market is constantly changing. That's why we've built a tool to update some of these indicators throughout the year. Our new "State of Crypto" dashboard includes data on stablecoin trading volume, mobile wallet users, ETF flows, and builder activity.