a16z: Stablecoin annual transaction volume reaches $46 trillion, 20 times that of PayPal

 "State of Crypto 2025" report released by a16z pointed out that the cryptocurrency market is still expanding, showing a cycle of feedback features of "price-developer-user". Cryptocurrency usage is global, but the region with the fastest growth in on-chain activities comes from developing countries; developers are most active in multi-chain ecosystems such as Ethereum (including L2), Solana, Bitcoin, and others. In addition, stablecoins have become a widely discussed topic, with an annual transaction volume of 46 trillion US dollars, 20 times that of PayPal and 3 times that of Visa.