web3 with a16z crypto

with @DarenMatsuoka @eddylazzarin @rhhackettEach year, the State of Crypto report analyzes the data — cutting through the noise — to track crypto’s evolution across markets, technology, policy, culture, and more. Now in its fourth edition, the 2025 State of Crypto report reveals how this once-fringe technology has hit recent all-time highs and gone mainstream — from stablecoins and tokenized assets to rapid adoption by major financial institutions.In this episode, we dig into the findings and themes from this year’s report with lead author Daren Matsuoka, a16z crypto’s head of data and fund strategy; and Eddy Lazzarin, a16z crypto’s chief technology officer. We talk about what’s changed since last year, why stablecoins are “suddenly” taking over, and how institutions — from fintechs to legacy banks — are embracing crypto technologies.We also look ahead at trends like: AI and crypto (and where the jobs are moving);why stablecoins have gone mainstreaminstitutional adoption — from Stripe and Visa to BlackRock and Robinhoodprivacy on public blockchainstokenization of real world assetsbitcoin’s resurgence and the rise of "digital gold"where developer energy is goingwhat’s really happening with memecoins, perps, and prediction marketsthe changing regulatory environment in the U.S.and what the next phase of crypto’s “adulthood” might look like — what happens next year when crypto turns 18Timestamps00:00 Introduction02:39 Overview of the 2025 State of Crypto Report05:04 The Evolution and Mainstreaming of Crypto08:27 Crypto’s Market Cycles and All-Time Highs12:08 The Price-Innovation Cycle (and Its Dislocation)15:40 Memecoins, Stablecoins, and Entrepreneurs17:25 AI and Attracting Tech Talent21:18 Crypto Adoption and User Metrics26:58 Airdrops, Farming, and Changing Metas31:24 Bitcoin’s Resurgence and Store of Value42:09 Institutional Adoption and Market Dynamics50:08 The Evolution of Stablecoins54:20 The Growing Role of Stablecoins in the Global Economy01:00:54 The Importance of Privacy in Crypto01:08:46 Tokenization of ‘Real World Assets’01:20:46 Perpetual Futures and Prediction Markets01:29:41 Outlook for the Future📊 Download the full State of Crypto 2025 report and explore our interactive dashboard to track the industry’s key metrics.📩 Subscribe for more industry reports, trend updates, news analysis, builder guides, and other resources.from a16z crypto: https://a16zcrypto.substack.com/subscribe/ 🎙️ Like, subscribe, comment, share the show: https://a16zcrypto.com/posts/podcast/ ***As always, none of the following should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Prediction markets are a hot topic again — even cartoon characters are talking about them (South Park). But beyond the buzz, what is a prediction market, exactly? How do they work, how are they designed, and what makes them work?We answer all these questions and more in this deep-dive featuring experts Alex Tabarrok (professor of economics at George Mason University) and Scott Kominers (a16z crypto research partner and Harvard Business School professor), in conversation with Sonal Chokshi.While we originally covered this topic during last year’s election, the discussion is more relevant than ever today, as we go into the claims people make about prediction markets — what they’re good for (and not); how they fit in with other trends like AI, futarchy, and the crisis in scientific publishing; and where blockchains and crypto come in.This is your definitive explainer on the topic.for transcript, links, and more: https://a16zcrypto.com/posts/podcast/prediction-markets-explained/ As a reminder: None of the following should be taken as business, investment, legal, or tax advice; please see a16z.com/disclosures for more important information. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

with @AriannaSimpson @jacqmelinekCrypto is known for its high and low market cycles: What must founders know — and what can they do — to survive the swings?In this episode, we unpack the lessons of past crypto cycles and how they shape the current wave of building — from stablecoins to AI x crypto. We also dive into the founder journey: from raising money and staying committed in 2025, to handling copycat competitors, cofounder disputes, growing too fast (or slowly), and more.You'll hear from a16z crypto General Partner Arianna Simpson, who has spent over a decade investing in crypto. She joins Jacquelyn Melinek, cofounder & CEO of Token Relations and host of the Talking Tokens podcast, where this conversation first aired, and which we’re excited to share with you here. Timestamps0:00 Introduction1:19 Arianna Simpson's Crypto Origin Story3:23 Market Cycles & Investing Priorities5:52 Interrogating the Stablecoin Trend13:25 Intersection of AI x Crypto17:49 The Role of Blockchains for Authenticity and Verification23:07 Future of AI Agents and Monetization Models27:23 Traits of Successful Crypto Founders30:05 Challenges and Changes in Fundraising33:57 Current State of the Market37:33 Advice for Founders:  • Pivoting when PMF is missing  • Raising capital after bootstrapping  • Competing with copycats  • Cofounder disputes and breakups  • Growing too fast & scaling pains47:52 Conclusion***📩 Subscribe for more from a16z crypto: https://a16zcrypto.substack.com/subscribe/ 🎙️ Like, subscribe, comment, share the show: https://a16zcrypto.com/posts/podcast/***As always, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

with @eddylazzarin @milesjennings @JasonYanowitzWelcome to web3 with a16z crypto. Today’s episode is on a super timely topic: How to design, govern, and grow decentralized networks in today’s changing policy landscape. It covers:Why the “foundation era” of crypto is ending — and what comes next with DUNAs and BORGsHow U.S. policy shifts are creating real rules of the roadThe difference between network tokens vs. company tokens (and why it matters for investors, builders, and other participants)When protocols should flip the fee switch and start generating revenueCommon mistakes founders make when launching tokens and structuring projectsTo unpack it all, you’ll hear from Miles Jennings, head of policy and general counsel at a16z crypto, and Eddy Lazzarin, a16z crypto’s CTO, in conversation with Jason Yanowitz, cofounder of Blockworks and host of the Empire podcast (where this conversation first aired) ... and which we’re excited to bring to you here.Timestamps0:00 Introduction3:14 Regulatory Progress and Optimism in DC9:34 The Problem with Offshore Foundations13:58 The End of the Foundation Era27:29 DUNAs and BORGs: New Legal Structures38:42 Understanding Network Tokens43:42 Network Tokens: Beyond L1 and L248:37 Company Tokens: Evolution and Challenges51:09 The Legal Landscape of Token Offerings1:04:25 Turning on the Fee Switch: When and Why1:12:47 Balancing Portfolio Needs and Regulatory Clarity1:15:36 Common Questions from Founders1:20:17 Conclusion 📩 Subscribe for more from a16z crypto: https://a16zcrypto.substack.com/subscribe/ 🎙️ Like, subscribe, comment, share the show: https://a16zcrypto.com/posts/podcast/ ***As always, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

with @nayafia and @smc90 Ideas, memes, and vibes are some of the most important drivers of modern technology adoption, marketing, and much more -- and have been much-covered by everyone from Darwin to Dawkins to Girard to many others. Yet the topic of antimemetics -- self-censoring (vs. self-propagating) ideas -- whether something fringe, forgotten, or forbidden -- haven't been studied as much, especially in the context of modern networks. So in this special book-launch episode, we cover the important concept of antimemetics (and memetics) -- focusing on: where and how ideas take off in groups, whether in online chats or other high-shared context communities; how ideas not just spread but are contained, or mutate in strange ways; why packaging ideas matters; and what we can all do to move ideas to action. Where do bureacracy, institutions, and protocols come in? What about tacit knowledge that lies in these communities, how (or do) we make it explicit? What roles -- from truth tellers to champions to individual nodes in networks -- can and do people play in making something go from mere commentary to reality? After all, ideas -- or ideas as viruses -- are how movements happen, how innovation happens, how things change... or don't ever change despite being discussed all the time.  Our expert guest in this special book episode (following in our long tradition of sharing what we're reading) is Nadia Asparouhova, the author of the new book, Antimemetics: Why Some Ideas Resist Spreading; she is also the author of the book Working in Public: The Making and Maintenance of Open Source Software. a16z crypto's Sonal Chokshi -- who previously hosted Nadia's book-launch episode for the a16z Podcast and almost a decade before that on the changing culture of open source -- interviews Nadia on these themes, how they connect, and why they matter for the crypto industry and beyond. We also dig into some critiques -- and opportunities for builders -- too, including what happens to the public commons; network propagation including across networks; reality distortion fields; hidden knowledge; and cultural stagnation vs. cultural abundance. All this and more in this episode of web3 with a16z!  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

with @rhhackett @milesjennings @BenNapier & Michael ReedToday we're talking about the passage of the GENIUS Act — that's the "Guiding and Establishing National Innovation for US Stablecoins Act" — which provides clear rules of the road for stablecoins in the U.S. We cover the law's implications, the recent high-stakes vote in the House of Representatives, and the bipartisan efforts to pass this groundbreaking bill.We also touch on the CLARITY Act — a major new “market structure” bill that would establish a clear regulatory framework for digital asset markets — which the House also passed with bipartisan support and which is now headed to the Senate.Here to separate the signal from the noise are members of the a16z crypto team who had a front-row seat to the action. We've got Miles Jennings, a16z crypto's General Counsel and Head of Policy, plus a16z Government Affairs Partners Ben Napier and Michael Reed, who are responsible for liaising with House Republicans and House Democrats, respectively. They share the inside scoop.Timestamps:(0:00) Introduction(1:01) Understanding the GENIUS Act(3:56) News Summary: What Happened in the House(5:45) Central Bank Digital Currency (CBDC) Contention(7:01) House Vote Drama: Republicans(9:31) House Vote Drama: Democrats(14:28) Winners and Losers(16:01) Decentralized Stablecoins and SEC Involvement(17:49) CLARITY Act and Future Legislation(21:47) Looking AheadResources:The GENIUS Act [full text]Clear rules for stablecoins and the road ahead by Chris Dixon (a16z crypto, July 2025)The CLARITY Act — Why it matters, what to know, and what to do by Miles Jennings and Aiden Slavin (a16z crypto, July 2025)***As a reminder, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

with @rhhackett @SamBroner @skominers @liz_harkavy @CarraWu @jay_drainjr @mg_486662Today's episode is a special one. It's a round table on some of the most compelling ideas at the intersection of AI and crypto, sourced from members of the a16z crypto team. You're going to hear from builders, researchers, and deal makers who are all wrestling with the big question: How will these two powerful technologies collide, and what happens when they do?First, Investment Partner Sam Broner makes the case for giving AI agents universal identities. Then Research Partner Scott Kominers presents how crypto can provide AI with levels and layers of rich context. You'll also hear from Investment Partners Liz Harkavy on AI monetization models; Carra Wu on the next evolution of web crawlers; Jay Drain on proving personhood online; and finally, Security Engineer Matt Gleason on how crypto turns internet advertising on its head.This is a tour of big, fresh ideas that hint at what an internet of the near future could look like. For the full list of ideas, check out our recent AI x crypto crossovers package, which you can find at a16zcrypto.com.Timestamps(0:00) Introduction(1:44) Universal Identity for AI Agents(5:25) Why Crypto Makes a Difference(10:07) Context in AI: Memory and Interoperability(15:00) Vibe Coding Applications(19:32) Registries with Global Context(21:47) Honkaku Mystery Novels(24:13) Monetization Models for AI x Crypto(28:36) Overcoming Technical Challenges(31:34) AI Agents and the Rise of Web Crawlers(36:05) Collapse of the Social Contract(39:21) AI Bots and Blockchain Solutions(44:31) Proof of Personhood: Ensuring Human-ness(50:41) Future of Personalized Advertising(1:01:54) Final Thoughts***As a reminder, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

with @rhhackett @smc90 @stephbzinn @tim_orgIn a now-annual tradition, the a16z crypto editorial team discuss themes (and picks) from a16z crypto's latest reading list, as well as books we keep re-reading, childhood favorites, classics, adaptations on adaptations -- in book and movie form! -- and much more.What genres are we reading now, how, and why? How is technology -- from AI and ChatGPT to the internet and audio -- changing reading? And why are certain themes in the zeitgeist right now? Is all non-fiction just fiction now, and should we lean in to this for education? Are the kids alright?From irony, truth, and why context matters, to Machiavelli to Formula 1 to nautical non-fiction to memoirs, this episode has it all...check out our "what we're reading" lists, podcasts, and more here:https://a16zcrypto.com/posts/tags/what-were-reading  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

with @DarenMatsuoka @rhhackettToday we've got a midyear market update and news episode for you. At the end of last year, our guest — and resident data weatherman — Daren Matsuoka put out a post on "5 metrics to watch in 2025." Most of the metrics that Daren picked measure how crypto's adoption: from mobile wallet usage and onchain transaction fees to volume across stablecoins, decentralized exchanges (or DEXs), and exchange traded-products. Now that we're about midway through 2025, it's a great time for an update. Timestamps:(0:00) Introduction(2:27) Chart 1: Monthly Mobile Wallet Users(6:16) Chart 2: Adjusted Stablecoin Transaction Volume(10:01) Chart 3: ETF Net Flows for Bitcoin and Ethereum(13:30) Chart 4: Decentralized vs Centralized Exchange Volume(15:50) Chart 5: Total Transaction Fees(21:46) Emerging Metrics and Industry Insights(25:07) Recent Industry News and Developments(27:13) ConclusionRelevant news:Circle, issuer of the USDC stablecoin, went public on the New York Stock Exchange exchange on June 5 and there was extremely strong demand for the company's offering.Stripe announced on June 11 that it would be acquiring a crypto company, Privy, which helps companies create crypto wallets — adding to Stripe's earlier acquisition of Bridge, which helps companies work with stablecoins.Shopify partnered with Stripe and Coinbase to enable merchants to accept USDC payments.Coinbase has a new credit card in partnership with American Express, which gives you Bitcoin rewards.The French bank Société Générale announced plans for a dollar-backed stablecoin that will run on Ethereum and Solana with BNY Mellon acting as custodian for the reserves.JPMorgan Chase plans to launch a U.S. dollar “deposit token” called JPMD on Coinbase's Base network.If you enjoyed this episode, stay tuned for our annual big State of Crypto Report, which we'll drop in the fall. If you want more from Daren, you can follow him @DarenMatsuoka on X or visit a16zcrypto.com to read his posts, including the one we talked about today.***As a reminder, none of the content should be taken as investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information, including a link to a list of our investments. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

with @MinarikLaw @EMinSF @rhhackettImagine waking up one day to find your bank account frozen. No warning. No explanation. No recourse.This is not a thought experiment. It’s a real situation. And it’s happened not just to crypto companies and their founders, but to ordinary people who are just trying to live their lives. That includes our guest today, who learned firsthand what it means to be “debanked.”In this episode, we talk about the unseen algorithms that monitor people’s accounts, the ramifications of the Bank Secrecy Act, and how crypto and decentralized finance may offer a much-needed check — and safety net — against the opaque systems of traditional finance.Joining us are:Uniswap Labs’s Chief Legal Officer Katherine Minarik, who shares her personal story of being debanked and what it taught her.a16z crypto Finance and Operations Partner Em Westerhold, who helps founders navigate these issues, and who has tracked dozens of instances of debanking across our own portfolio.A big thank you to Katherine for trusting us to share her story, which you can read a first-hand account of in an op-ed she contributed to a16zcrypto.com earlier this year. Find that and more below.Timestamps:(0:00) Introduction(2:03) The Problem of Debanking(5:58) Debanking: A Personal Story(7:33) Understanding the Bank Secrecy Act(11:53) The Information Vacuum(16:55) The Impact on Crypto Companies(20:07) Addressing Skeptics(22:07) Banks: Good vs. Bad(27:35) The Scariest Moment(36:17) "Operation Chokepoint 2.0"(38:08) History of the Bank Secrecy Act(44:04) Security Theater(45:31) What Would You Change?(48:45) The Impact of Financial Consolidation(49:30) Crypto as Banking Solution(53:02) Is Debanking Still Happening?(58:35) Unresolved Mysteries(1:01:47) One More Debanking Story(1:08:07) Conspiracy or Coincidence?(1:09:39) It Shouldn't Be This Hard(1:11:18) Out From Under the SEC's Cloud(1:14:23) The Urgent Need for Legislation(1:17:26) Possible Tech Futures(1:19:33) Advice for Founders(1:22:04) Final ThoughtsResources:Anyone can get debanked. DeFi is a critical safety net by Katherine Minarik (a16z crypto, February 2025)This op-ed is part of a bigger package of crypto policy views found here: “U.S. as the crypto capital: What it would take”Debanking: What you need to know (a16z crypto, December 2024)End the era of mass financial surveillance by Grant Rabenn (a16z crypto, February 2025)As a reminder, none of the content should be taken as investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information, including a link to a list of our investments. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

with @aeyakovenko @alive_ethToday’s episode features Solana cofounder Anatoly Yakovenko in conversation with a16z General Partner Ali Yahya, recorded live at our CSX Crypto Startup Accelerator program earlier this year.Anatoly shares the origin story of Solana — from a late-night eureka moment to thousands of investor meetings and several near-death startup experiences. He talks about what it took to get the network off the ground, how his engineering background at Qualcomm shaped its design, and why a need for speed gave Solana its edge.They also get into developer culture, engineering trade-offs, and what differentiates Solana’s approach to building — including its willingness to ship, iterate, and rethink everything: including, most recently, its consensus algorithm.Timestamps:(0:00) Introduction(2:54) Early Career and Move to SF(3:57) Discovering Crypto and Solana's Beginnings(8:28) Challenges and Fundraising(12:12) Building Solana and Overcoming Obstacles(13:41) Solana's Vision and Market Strategy(17:23) Navigating Crises and Team Resilience(22:37) Solana's Unique Approach and Future Plans(24:57) Solana's Unique Approach to Software Development(26:35) Redesigning Solana: Lessons Learned(30:22) The Importance of Hackathons and Community(32:32) Technical Choices and Implications(34:16) Prioritizing User Experience Over Developer Comfort(36:40) Competitive Landscape of Layer 1 Chains(38:49) Building a Loyal Developer Community(42:36) Future of Blockchains and Solana's Vision(47:29) Long-Term View and GoalsAs a reminder, none of the content should be taken as investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information, including a link to a list of our investments. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this special episode from TED Tech, hear from GitHub CEO Thomas Dohmke on how AI is breaking the barrier to entry for coding. Who could a coder look like if you could code just by talking out loud? Learn how, thanks to AI, creating software is becoming as simple (and joyful) as building LEGO. In a live demo, he introduces Copilot Workspace: an AI assistant that helps you create code when you speak to it, in any language.Timestamps:(0:00) Introduction(0:28) Personal Journey into Coding(2:31) The Evolution of Programming Languages(4:02) The Birth of GitHub Copilot(6:14) Live Demo: Building with Copilot(9:58) The Future of Software Development(13:04) Q&A: The Role of Humans in AI-Driven Development(14:32) ConclusionAbout TED Tech:From the construction of virtual realities to the internet of things — technology is changing our world every day. But how can we make sure that the quickly-evolving role that tech plays in our lives is one that builds, empowers, and connects us? Host Sherrell Dorsey guides you through the latest ideas from TED Speakers, uncovering the riveting questions that sit at the intersection of technology, society, science, design, business, and innovation. Listen in every Friday.As a reminder, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

with @eddylazzarin @adrian_ludwig @remco @smc90Hi everyone, welcome to this week’s episode of web3 with a16z podcast, I’m Sonal, and today we’re talking about a hot topic which is also very evergreen because we’re entering a world where AI – including AI agents, bots, deep fakes, and so on -- are changing the internet, very drastically. And so we will need proof of who’s human, or not, online – aka “proof of human” (as Tools for Humanity and World app call it). The theme is actually represented on the latest cover of Time magazine, which features the Tools for Humanity orb: a ball-like hardware device that maps your eye’s iris code to an app on your phone to verify you’re human. (It’s actually only the fifth time in the past decade that hardware tech’s been on the cover; the other times are the iphone, Oculus, consumer drones, and SpaceX.) Since the technology -- and network -- story here draws on both existing and new tech to help solve what’s actually a *very* difficult problem -- and in a way where privacy is by default -- we begin with the why it matters, then go into some common questions, and finally how it all works under the hood. Our expert guests are: Eddy Lazzarin, CTO at a16zcrypto;Adrian Ludwig, Chief Architect and CISO at Tools for Humanity; andRemco Bloemen, Head of Protocol at World.As a reminder: None of the following is investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information including link to a list of our investments.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

with @kimbatronic @amandatylerj @clairekartWelcome to web3 with a16z. Since our show covers both tech trends and company building, today’s topic is all about marketing — including differences between marketing in crypto and traditional tech.The conversation shares a candid look at what works — and what doesn’t — when it comes to building reputation and community, attracting developers, hiring teams and agencies, launching tokens, raising founder profiles, and more.Our experts are:... Amanda Tyler, who was most recently Head of Marketing at the Optimism Foundation (and was formerly at Polygon, Coinbase, and Google);... Claire Kart, Chief Marketing Officer at Aztec (who previously was at Risc Zero and SoFi);... in conversation with Kim Milosevich, CMO at a16z crypto (who was formerly VP of Comms at Coinbase, and who has spent decades in tech at a16z, Skype, Yahoo, and elsewhere).Timestamps(0:00) Introduction(1:41) The Role of Marketers(4:52) Tech Marketing vs. Crypto Marketing(6:34) Understanding the Core Audience(10:56) Marketing for Ethereum and Layer 2 Projects(16:09) The Role of Community Managers and Developer Relations(25:21) Token Launch Strategies(34:42) Building Founders' Profiles (Without Being Cringe)(38:53) How to Support Founders(40:55) When to Hire (43:05) Consultants vs. Agencies(46:08) Structuring a Marketing Team(48:27) Finding and Hiring Talent(50:36) Building an Editorial Content Operation(53:39) International Marketing Strategies(56:41) The Role of Events(1:01:48) Memes and Crypto Culture (1:04:57) ConclusionAs a reminder, none of the content should be taken as investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information, including a link to a list of our investments. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

with @cdixon @SamBroner @rhhackettStablecoins are quietly transforming how money moves — faster, cheaper, and more globally than ever before. In this episode, we take a deep look at why stablecoins have emerged as one of the most promising applications in crypto today — and how they could reshape global payments.I’m joined by Chris Dixon, founder and managing partner of a16z crypto and author of the New York Times-bestselling book Read Write Own, and Sam Broner, a deal partner at a16z crypto who focuses on stablecoins. Together, we unpack the technical and regulatory foundations of stablecoins, explore the cracks in the current payments system, and look ahead to what becomes possible once digital dollars go mainstream. We also dig into the current state of regulation — and why the future of money might end up looking a lot more like email or the web than a bank.Check out the show notes for links and resources that we reference throughout this episode. Also be sure to listen to the episode we dropped just before this one where we analyze all the recent stablecoin news.Timestamps:(0:00) Introduction(1:45) Payments, Finance, and the Internet(4:03) The Promise and Potential of Stablecoins(9:02) Global Financial System and Its Shortcomings(11:29) The WhatsApp Analogy(15:38) The Read Write Own Thesis(19:15) The Power of Blockchains(21:06) Venmo's Business Model(23:17) Stripe's Opportunity(25:11) Backwards Compatibility (Like Skype)(28:13) The Role of Stablecoin Regulation(34:36) Political Realities (vs. Big Banks)(38:11) The Business Implications of Stablecoins(40:31) The Stablecoin Investment Paradox(47:07) Why Blockchains?(51:11) Tech Marketing: Words vs. Products(54:28) What Happens Next(57:26) Global Demand for Stablecoins(59:37) Learning from the Past(1:05:06) ConclusionLinks to related resources:A guide to stablecoins: What, why, and how by a16z crypto editorial (a16z crypto, April 2025)Stablecoins: Payments without intermediaries by Chris Dixon (a16z crypto, April 2025)The month fintechs embraced stablecoins by Sam Broner (a16z crypto, May 2025)What Stripe's acquisition of Bridge means for fintech and stablecoins by James da Costa and Sam Broner (a16z crypto, April 2025)How stablecoins will eat payments, and what happens next by Sam Broner (a16z crypto, December 2024)A useful framework for understanding stablecoins: Banking history by Sam Broner (a16z crypto, November 2024)Read Write Own: Building the Next Era of the Internet by Chris Dixon (Random House, January 2024)A Piece of the Action: How the Middle Class Joined the Money Class by Joe Nocera (Simon & Schuster, October 1994)All about airdrops [podcast] by Eddy Lazzarin, Daren Matsuoka, Andrew Hall, and Robert Hackett (a16z crypto, April 2025)As a reminder, none of the content should be taken as investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information, including a link to a list of our investments. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.