Venture capital firm Andreessen Horowitz (a16z) has identified stablecoins, real-world asset tokenization and privacy infrastructure as some of the most important forces set to shape the crypto industry in 2026, according to research published by its crypto team.
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— a16z crypto (@a16zcrypto) December 31, 2025
Stablecoins Move Into the Mainstream
The report argues that stablecoins have already reached mainstream scale citing an estimated $46 trillion in transaction volume last year — a level that rivals or exceeds major payment networks such as PayPal and approaches U.S. ACH volumes.
While sending stablecoins has become near-instant and extremely low-cost a16z researchers said the next major challenge lies in building better on-ramps and off-ramps that connect digital dollars to everyday financial systems.
Closing the On- and Off-Ramp Gap
A new generation of startups is also addressing this gap by linking stablecoins to local payment rails, QR-based networks and card-issuing platforms, enabling users to spend stablecoins at traditional merchants.
According to a16z these developments could push stablecoins beyond niche crypto use cases and establish them as a foundational settlement layer for the internet.
On tokenization the report highlighted growing interest from banks, fintech firms and asset managers in bringing equities, commodities and other assets onchain.
However, a16z cautioned that much of today’s real-world asset tokenization remains “skeuomorphic,” mirroring traditional financial structures rather than exploiting crypto-native capabilities.
Perpetual Futures and Onchain Origination
Instead the firm sees momentum building around crypto-native derivatives, particularly perpetual futures, which offer deeper liquidity and simpler implementation. Emerging-market equities were flagged as a promising area for so-called “perpification.”
a16z also argued that debt markets will increasingly move toward onchain origination, rather than offchain loans that are later tokenized, as compliance and standardization frameworks mature.
Privacy as a Competitive Moat
Privacy emerged as another central theme for 2026. a16z partners said privacy is no longer a secondary feature but a potential competitive moat for blockchain networks.
As public blockchains become more interoperable, privacy-preserving systems could create stronger network effects by making user migration more difficult and enhancing protection against transaction-level surveillance.
AI Agents and the Future of Payments
The research also pointed to the growing intersection of AI agents and crypto infrastructure, particularly as autonomous systems begin transacting without human intervention.
a16z highlighted the need for new identity standards — described as “Know Your Agent” — and programmable payment primitives that allow machines to settle value instantly and securely.
From Experimentation to Infrastructure
Beyond finance, the report explored how crypto rails could reshape wealth management, media, messaging and data privacy.
Tokenization could expand access to private markets and enable automated portfolio rebalancing, while blockchain-based micropayments may help address revenue erosion across the open web as AI agents consume content without traditional attribution.
Overall, a16z said the coming year will mark a shift from experimentation toward infrastructure-level adoption, where regulation, institutional participation and crypto-native innovation converge.
“Crypto’s next phase will be driven less by hype and more by real utility,” the firm said, arguing that stablecoins, tokenization and privacy will underpin a more predictable and durable onchain economy.
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