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Astu lugude lõputusse maailma

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Robert Hackett

Sonal Chokshi

a16z crypto

"web3 with a16z" is a show about the next generation of the internet, and about how builders and users — whether artists, coders, creators, developers, companies, organizations, or communities — now have the ability to not just "read" (web1) + "write" (web2) but "own" (web3) pieces of the internet, unlocking a new wave of creativity and entrepreneurship. Brought to you by a16z crypto, this show is the definitive resource for understanding and going deeper on all things crypto and web3. 

From discussing the latest and leading trends to sharing research, data readouts, and insights from top scientists and makers in the space, this is a show with a variety of formats and topics listeners can pick and choose from. It is hosted by the longtime showrunner of (and original team behind) the popular a16z Podcast. Learn more at a16zcrypto.com.

***
Posts should not be considered investment advice or an advertisement for investment services. Reposts of third party content are not attributable to a16z; see disclosures for more information: https://a16z.com/disclosures/.

web3 with a16z crypto

with @zcabrams @psneville @rhackett

In this episode, Robert Hackett sits down with Sean Neville, cofounder of Circle and co-creator of the USDC stablecoin, and Zach Abrams, founder of Bridge (now part of Stripe), for a deep dive into the real story behind stablecoins, finding product-market fit, and the future of payments infrastructure.

They explore the earliest days of USDC — when stablecoins were far from obvious and regulatory frameworks didn’t exist. Sean shares how his conviction in “money running at internet speed” helped shape a multibillion-dollar asset. Zach recounts Bridge’s pivot from NFTs to stablecoin infrastructure — and how his business has changed since joining Stripe.

Together, they break down:

 • Why stablecoins are having their moment now
 • What counts as product-market fit (and why founders rarely “feel” it)
 • The challenges of building crypto and AI products within heavily regulated environments
 • Why new base-layer chains like Arc, Tempo, and others may be needed
 • How decentralization, liquidity moats, and interoperability will define the next decade of blockchain adoption
 • What the future of programmable money and AI-driven financial workflows looks like

Whether you’re a founder, a crypto-curious builder, or someone trying to understand where global payments are headed, this conversation — originally recorded live at our recent a16z crypto Founders Summit — offers insights from two operators at the center of an industry-defining transformation.

Guests:
• Sean Neville — Cofounder, Circle; CEO and cofounder, Catena
• Zach Abrams — Founder and CEO, Bridge (acquired by Stripe)

Highlights:

01:26 — Origins of USDC

02:44 — Why stablecoins are having their moment now

04:14 — Circle’s early product experiments

06:19— Surviving crypto cycles

07:35 — Bridge: From NFT payments to stablecoins

08:58 — What product-market fit actually feels like

20:02 — Inevitability and the founder vs. employer mindset

20:58 — Why Bridge joined Stripe

26:18 — How AI changes company building

29:38 — What students should study now

30:27 — Why new payment chains (Tempo & Arc)?

35:55 — Decentralization as imperative

Follow a16z crypto on...

 • X: https://x.com/a16zcrypto
 • LinkedIn: https://www.linkedin.com/showcase/a16zcrypto/posts/
 • Spotify: https://open.spotify.com/show/7pMZvsNXEnb0CYcPiDQywE
 • Apple Podcasts: https://podcasts.apple.com/us/podcast/web3-with-a16z-crypto/id1622312549
 • Youtube: https://www.youtube.com/@a16zcrypto

📩 Subscribe for more industry reports, trend updates, news analysis, builder guides, and other resources: 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.

Crypto's Killer App?

Every traditional financial institution faces the same dilemma: evolve or fall behind, build or buy. But when safety, predictability, and trust is paramount, how do traditional finance companies innovate? How do they place their innovation bets, and decide what to explore and not to explore? 

Fidelity Chairman and CEO Abigail P. Johnson shares an inside look into Fidelity’s decade of crypto experimentation -- from early Bitcoin mining to building foundational custody infrastructure to stablecoins and much more. Johnson shares how Fidelity explored dozens of crypto use cases; why only one initially mattered, and how a single foothold shaped a long-term institutional strategy. 

This episode is for anyone interested in exploring how innovation happens inside companies, how startups can partner with big institutions, how TradFi is approaching crypto in this "Year of Institutional Adoption"... and what the next decade of financial infrastructure might look like.

We originally recorded it at our Founders Summit event in October 2025, in conversation with a16z crypto COO Anthony Albanese, who was the Chief Regulatory Officer of the New York Stock Exchange before joining a16z; and was previously acting superintendent of the New York State Department of Financial Services (DFS), where he signed and issued New York’s first-ever BitLicense.

As a reminder, none of the following is investment, business, or tax advice; please see a16z.com/disclosures for more information. 

 
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

TradFi’s Tipping Point: Fidelity CEO Abigail Johnson on Stablecoins, Bitcoin, and Innovation Bets

with @cdixon @illscience

Welcome to web3 with a16z crypto. Today’s episode digs into the forces shaping the next generation of consumer software — from AI-driven tools to the new economics of apps.

Joining is Chris Dixon, a16z crypto founder and managing partner and one of the firm’s original consumer investors. He sits down with a16z General Partner Anish Acharya to explore how exponential forces — like Moore’s Law, composability, and network effects — help determine which products ultimately win.

They talk about what it takes to build enduring consumer apps, how tools evolve into networks, and why niche communities like early crypto and open source movements can trigger massive technological shifts.

Topics covered:
- What exponential forces define tech progress
- Moore’s Law, composability, and network effects
- How tools evolve into networks
- The new economics of paid consumer software
- Investing in “movements” — from 3D printing to crypto
- What makes niche communities powerful
- AI as a platform shift and the “idea maze”
- Native vs skeuomorphic tech — and what’s next for AI interfaces
- The future of open-source AI and decentralization

Follow a16z crypto on...

 • X: https://x.com/a16zcrypto
 • LinkedIn: https://www.linkedin.com/showcase/a16zcrypto/posts/
 • Spotify: https://open.spotify.com/show/7pMZvsNXEnb0CYcPiDQywE
 • Apple Podcasts: https://podcasts.apple.com/us/podcast/web3-with-a16z-crypto/id1622312549
 • Youtube: https://www.youtube.com/@a16zcrypto

📩 Subscribe for more industry reports, trend updates, news analysis, builder guides, and other resources: 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.

AI, Networks, and What Makes Consumer Products Win

with @mansourtarek_ @rhackett

In this episode of web3 with a16z crypto, host Robert Hackett talks with Kalshi Cofounder and CEO Tarek Mansour about how prediction markets are enabling people to trade directly on real-world events — from elections to inflation — and what this means for the future of finance and forecasting.

Tarek explains why prediction markets aren’t gambling, how regulation has been central to Kalshi’s success, and why the company is embracing crypto and stablecoins as key components of its international strategy. He also discusses lessons learned about policy, product design, and staying compliant while innovating at the frontier.

Topics include:

 • How prediction markets make society "smarter"
 • The role of regulation in fintech innovation
 • Why Kalshi started with crypto payments
 • Lessons from FTX and the importance of compliance
 • Building consumer trust and network effects
 • Tarek’s take on productivity, leadership, and even… kombucha

This episode kicks off a special series of interviews recorded live at our recent Founders Summit. Subscribe to web3 with a16z crypto for more conversations with founders and builders shaping the decentralized future.

Timestamps:

00:00 – Introduction: What are prediction markets, and why now?

01:04 – Kalshi’s mission: making forecasting tradable

01:52 – Why crypto fits into Kalshi’s long-term strategy

03:19 – Going global with stablecoins

05:55 – The long road to regulation and why it mattered

7:51 – Coinbase and Robinhood as role models

08:17 – The Trump trade: direct vs. indirect exposure to events

10:51 – Lessons from FTX and why compliance is a moat

12:06 – How Kalshi monitors markets and prevents manipulation 

15:00 – Momentum after the presidential election

16:48 – How policy in DC really works

17:56 – The hidden advantage of being regulated

18:52 – Lightning round: worst advice, productivity habits, and more

21:00 – The importance of process and patience (“The Score Takes Care of Itself”)

22:30 – The smallest hill Tarek will die on

Follow a16z crypto on...

 • X: https://x.com/a16zcrypto
 • LinkedIn: https://www.linkedin.com/showcase/a16zcrypto/posts/
 • Spotify: https://open.spotify.com/show/7pMZvsNXEnb0CYcPiDQywE
 • Apple Podcasts: https://podcasts.apple.com/us/podcast/web3-with-a16z-crypto/id1622312549
 • Youtube: https://www.youtube.com/@a16zcrypto

📩 Subscribe for more industry reports, trend updates, news analysis, builder guides, and other resources: 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.

Pricing the Future (with Kalshi CEO)

with @DavidSacks @pmarca @bhorowitz @eriktorenberg

Today’s episode features David Sacks, the Trump administration’s “AI and crypto czar," in conversation with a16z cofounders Marc Andreessen and Ben Horowitz, and General Partner Erik Torenberg.

They dig into:

 • how the U.S. is approaching AI and crypto policy,
 • the fight over open source software,
 • the status of tech regulation and legislation (like the CLARITY Act for crypto),
 • what’s at stake in the geopolitical race with China, and more

This episode is a special crossover with the a16z podcast, which you can follow for more conversations like this.

Timestamps:

00:00 Intro

01:16 David Sacks on Crypto and AI Policy

02:34 Trump's Vision for Crypto

06:16 The Crypto Crackdown and Debanking Years

08:58 AI Regulatory Capture and Gatekeeping

11:30 How Permissionless Innovation Built Silicon Valley

16:21 "Woke" vs. Orwellian AI

21:48 When AGI?

24:29 Polytheistic AI and "End-to-End" Humans

31:07 The Future of AI: Controlled or Decentralized?

37:13 Open Source and Global Competition

41:53 The AI Race: US vs China

46:32 Amping Up Energy and Infrastructure

47:17 Cultural Divides Over the American Tech Stack

55:01 The European approach and Doomerism

01:06:14 Crypto and the Legislative Process (GENIUS, CLARITY)

01:11:13 The Future of the Democratic Party

01:14:12 San Francisco Politics

📩 Subscribe for more industry reports, trend updates, news analysis, builder guides, and other resourcesfrom 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.

Trump's Tech Czar on Crypto, AI, and American Innovation

with @DarenMatsuoka @eddylazzarin

Today, we’re bringing you something special: a presentation from our 2025 Founders Summit, which we just wrapped last week in beautiful Carlsbad, Calif. You’ll hear from Daren Matsuoka, our Head of Data and Fund Strategy, as he walks through the insights from this year’s State of Crypto report — our deep-dive into the data, themes, and signals shaping the industry right now.

Stay through to the end for audience Q&A featuring our founders and to hear a16z crypto CTO Eddy Lazzarin share his takes on this year’s findings. To watch the full video — and explore more deep dives, explainers, and interviews — visit the a16z crypto Youtube channel. Don’t forget to like and subscribe to stay updated.

Oh, and if you haven’t already, be sure to check out the full State of Crypto report at a16zcrypto.com/stateofcrypto, and also to listen to the episode just before this one — a conversation between Daren, Eddy, and me where we unpack the numbers and trends, explain what they mean, and why they matter.

Timestamps:

00:00 Introduction

01:56 Crypto Market Developments in 2025 

07:19 Institutional Adoption and Market Trends

09:05 Stablecoins: The First Killer Use Case 

12:08 The Evolution of Decentralized Finance (DeFi) 

13:18 DePIN and Physical Infrastructure Networks 

15:12 Blockchain Scaling and Infrastructure 

17:24 Privacy, ZK Technology, and Quantum Computing 

18:53 Crypto and AI: Converging Technologies 

21:08 Regulatory Clarity and Legislative Progress

23:27 Looking Ahead 

24:04 Q&A Session

📊 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.

The Data Behind Crypto's Breakout Year

with @DarenMatsuoka @eddylazzarin @rhhackett

Each 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 mainstream
 • institutional adoption — from Stripe and Visa to BlackRock and Robinhood
 • privacy on public blockchains
 • tokenization of real world assets
 • bitcoin’s resurgence and the rise of "digital gold"
 • where developer energy is going
 • what’s really happening with memecoins, perps, and prediction markets
 • the 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 18

Timestamps

00:00 Introduction

02:39 Overview of the 2025 State of Crypto Report

05:04 The Evolution and Mainstreaming of Crypto

08:27 Crypto’s Market Cycles and All-Time Highs

12:08 The Price-Innovation Cycle (and Its Dislocation)

15:40 Memecoins, Stablecoins, and Entrepreneurs

17:25 AI and Attracting Tech Talent

21:18 Crypto Adoption and User Metrics

26:58 Airdrops, Farming, and Changing Metas

31:24 Bitcoin’s Resurgence and Store of Value

42:09 Institutional Adoption and Market Dynamics

50:08 The Evolution of Stablecoins

54:20 The Growing Role of Stablecoins in the Global Economy

01:00:54 The Importance of Privacy in Crypto

01:08:46 Tokenization of ‘Real World Assets’

01:20:46 Perpetual Futures and Prediction Markets

01:29:41 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.

State of Crypto 2025: The Latest Data, Trends, and Themes Revealed

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.

Prediction Markets -- Everything You Need to Know

with @AriannaSimpson @jacqmelinek

Crypto 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. 

Timestamps

0:00 Introduction

1:19 Arianna Simpson's Crypto Origin Story

3:23 Market Cycles & Investing Priorities

5:52 Interrogating the Stablecoin Trend

13:25 Intersection of AI x Crypto

17:49 The Role of Blockchains for Authenticity and Verification

23:07 Future of AI Agents and Monetization Models

27:23 Traits of Successful Crypto Founders

30:05 Challenges and Changes in Fundraising

33:57 Current State of the Market

37:33 Advice for Founders:

 • Pivoting when PMF is missing
 • Raising capital after bootstrapping
 • Competing with copycats
 • Cofounder disputes and breakups
 • Growing too fast & scaling pains

47:52 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.

Surviving Market Cycles & Startup Lessons for Founders

with @eddylazzarin @milesjennings @JasonYanowitz

Welcome 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 
BORGs • How U.S. policy shifts are creating real rules of the road
 • The 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 revenue
 • Common mistakes founders make when launching tokens and structuring projects

To 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.

Timestamps

0:00 Introduction

3:14 Regulatory Progress and Optimism in DC

9:34 The Problem with Offshore Foundations

13:58 The End of the Foundation Era

27:29 DUNAs and BORGs: New Legal Structures

38:42 Understanding Network Tokens

43:42 Network Tokens: Beyond L1 and L2

48:37 Company Tokens: Evolution and Challenges

51:09 The Legal Landscape of Token Offerings

1:04:25 Turning on the Fee Switch: When and Why

1:12:47 Balancing Portfolio Needs and Regulatory Clarity

1:15:36 Common Questions from Founders

1:20:17 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.

After the Foundation Era: Tokens, Policy, and Startup Structures

with @brian_armstrong @cdixon

Welcome to web3 with a16z, a show about building the next generation of the internet from the team at a16z crypto. This episode features Brian Armstrong, CEO and cofounder of Coinbase, in conversation with a16z crypto founder and managing partner Chris Dixon.

The conversation was originally recorded at our Founders Summit in November. It covers the aftermath of FTX and the rise of crypto in politics — but it also goes into company building at scale, lessons for directing product development, how to balance core business with disruptive innovation, and more.

As a reminder none of the following should be taken as business, legal, tax, or investment 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.

Leading through uncertainty (with Coinbase CEO)

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