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.

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.

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.

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.

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.

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.

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.

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 @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.

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.

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; s he 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 Reed Today 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 Ahead Resources: 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_486662 Today'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_org In 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 @rhhackett Today 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) Conclusion Relevant 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 @rhhackett Imagine 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 Thoughts Resources: 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_eth Today’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 Goals 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.

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) Conclusion About 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 @smc90 Hi 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; and Remco 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 @clairekart Welcome 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) Conclusion 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 @cdixon @SamBroner @rhhackett Stablecoins 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) Conclusion Links 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.

with @rhhackett @smc90 @DarenMatsuoka @SamBroner Welcome to web3 with a16z, a show about the next generation of the internet. I'm Robert Hackett. There has been a flurry of stablecoin news lately, so we're doing a special bonus episode to cover everything that's been going on. Sonal and I are joined by a16z crypto’s Data Science lead Daren Matsuoka who shares the actual data behind the stablecoin trend. Then we have Sam Broner — who is a Deal Partner here and our frequent author on stablecoins — to analyze the news, and help highlight the signal versus the noise. Here's a selection of the news: USDC issuer Circle filed to go public on the New York Stock Exchange Coinbase released an agentic payments standard with support for stablecoin payments Visa and Mastercard enhanced stablecoin support Stripe announced stablecoin financial account balances , a programmable stablecoin (via Bridge), a stablecoin-backed card , and more Meta is reportedly in talks to introduce stablecoins as a means for payouts And much more We also have one of our regular episodes covering the broader stablecoins trend and big picture , dropping separately in the feed, also with Sam and a16z crypto Founder Chris Dixon, so be sure to check that out next. Timestamps: (0:00) Introduction (1:30) Stablecoin Data Overview (3:55) Stablecoin Adoption and Infrastructure (4:24) Market Share of Issuers and Blockchains (6:10) Stablecoin Growth vs. Crypto Market Cycles (7:45) Stablecoin News and Developments (9:44) Fintech Embraces Stablecoins (12:44) Legacy Payment Systems vs. Stablecoins (17:04) The Future of Stablecoins and Open Networks (22:11) Conclusion Links to related resources: Everything stablecoins: Big picture, deep dive with Chris Dixon, Sam Broner, and Robert Hackett (a16z crypto, May 2025) A chart of stablecoin usage growth vs. crypto market cyclicality (@DarenMatsuoka on X) 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) A guide to stablecoins: What, why, and how by a16z crypto editorial (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.

with @danboneh @succinctJT @smc90 This episode is all about quantum computing -- what it is, how it works, what's hype vs. reality, and how to prepare for it/ what builders should do. Specifically, we cover: What quantum computing is and isn't, and what people are really talking about when they worry about a quantum computer that can break cryptographic systems that are not secure against quantum attacks. When is it happening/ what are the "timelines" for quantum computing becoming a reality -- or rather, when could we have a cryptographically relevant quantum computer -- how many years away are we? and when are the U.S. government's deadlines/ NIST standards for post-quantum cryptography? How will different types of cryptography be affected, or not? What are different approaches and tradeoffs? Where does quantum computing and post-quantum crypto apply to blockchains -- which by and large rely on signatures, not encryption, so may be more quantum-resistant in many ways (and not in others)... As always, we tease apart the signal vs. the noise in recent "science-by-press release" corporate quantum-computing milestone announcements. We also help answer questions on when do builders need to plan their switch to a post-quantum crypto world, what pitfalls to avoid there (hint: bugs! software upgrades!). Finally, we briefly cover different approaches to post-quantum crypto; and also dig deeper on zero-knowledge/ succinct-proof systems and how they relate to post-quantum crypto. Our expert guests, in conversation with Sonal Chokshi, are: Dan Boneh , Stanford University professor and applied cryptography expert and pioneer; also Senior Research Advisor to a16z crypto; Justin Thaler , research partner at a16z, professor at Georgetown, and longtime expert and pioneer in interactive and ZK proof systems. SEE ALSO: Post-quantum blockchains by Valeria Nikolaenko more resources + papers on topics mentioned: A Graduate Course in Applied Cryptography by Dan Boneh and Victor Shoup [see also ] Proofs, Arguments, and Zero-Knowledge by Justin Thaler LatticeFold+: Faster, Simpler, Shorter Lattice-Based Folding for Succinct Proof Systems by Dan Boneh and Binyi Chen Neo: Lattice-based folding scheme for CCS over small fields and pay-per-bit commitments by Wilson Nguyen and Srinath Setty "Q-Day Clock" from Project Eleven -- public dashboard to visually track timeline for quantum computing to reach cryptographically relevant capabilities and break widely used encryption algorithms on hard forks for quantum emergencies Quantum analysis of AES , Kyungbae Jang, Anubhab Baksi, Hyunji Kim, Gyeongju Song, Hwajeong Seo, Anupam Chattopadhyay The Google Willow Thing by Scott Aaronson FAQs on Microsoft’s topological qubit thing by Scott Aaronson Microsoft’s claim of a topological qubit faces tough questions , American Physical Society As a reminder, none of this is investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information including a link to 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 @skominers @milesjennings @rhhackett Today we're diving deep into *the* defining concept in crypto: tokens. We're moving beyond conventional categories — like “governance tokens” or “utility tokens” or even “memecoins” — to present a full taxonomy that details what tokens are, what they aren’t, and what they're capable of becoming. Questions we'll explore include: What is a token? Is it a form of money? A piece of data? Something else? How many types of tokens are there — and who is in control of each? And how should we think about their actual economic, legal, and technical characteristics? We'll also dig into different token designs and their uses; where tokens derive value from; how they jibe with securities laws; and much more. In this conversation, you’ll hear from several experts on the a16z crypto team who have developed a new 7-part framework for classifying tokens , which you can find linked below. Joining us are the coauthors: Chief Technology Officer Eddy Lazzarin, General Counsel and Head of Policy Miles Jennings, and Research Partner Scott Kominers, who is also a Professor at Harvard Business School where he teaches courses on market design and entrepreneurship. Check out the resources below for a flowchart that we’ll also be referencing throughout this episode and that will be helpful as we wend our way through the token idea maze. Timestamps: (0:00) Introduction (3:28) The Evolution of Token Terminology (6:19) Classifying Tokens: Economic, Legal, and Technical Dimensions (8:37) Moving Beyond “Governance Tokens” (12:05) Inherent Value: The Memecoin Debate (15:35) Company-Controlled Tokens: Risks and Realities (31:33) Arcade Tokens: Stability and Utility (46:00) The Power of Blockchain Interoperability (49:34) Shared Rewards and Loyalty Programs (59:19) Asset-Backed Tokens and Their Mechanisms (1:08:23) Collectible Tokens and Their Uniqueness (1:14:31) Network Tokens: The Future of Decentralized Marketplaces (1:31:03) Regulatory Challenges and "Lawyer Tokens" (1:36:57) Final Thoughts and Future Prospects Resources referenced in this episode: 7 canonical tokens, defined [see flowchart] by Miles Jennings, Scott Duke Kominers, and Eddy Lazzarin (a16z crypto newsletter, March 2025) Defining tokens by Miles Jennings, Scott Duke Kominers, and Eddy Lazzarin (a16z crypto, March 2025) Network tokens vs. company-backed tokens by Miles Jennings, Scott Duke Kominers, and Eddy Lazzarin (a16z crypto, March 2025) Defining decentralization: It comes down to control by Miles Jennings (a16z crypto, February 2025) Read Write Own: Building the Next Era of the Internet by Chris Dixon (Penguin Random House, January 2024) The Everything Token: How NFTs and Web3 Will Transform the Way We Buy, Sell, and Create by Steve Kaczynski and Scott Duke Kominers (Penguin Random House, January 2024) 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 @ilblackdragon @rhhackett Welcome to web3 with a16z . I’m your host, Robert Hackett. In this episode, we're diving deep into one of the most intriguing intersections in tech today: AI and crypto. To help us unpack it, we're joined by Illia Polosukhin — co-founder of the crypto protocol NEAR and co-author of the groundbreaking 2017 "transformers" paper that kicked off the current AI boom. Ilia has been early to some of the biggest recent tech trends, and today he brings us a rare, panoramic view of the tech industry’s cutting edge. Together we explore what the phrase “user-owned AI” really means; why the so-called agentic internet — that is, a world where your AI assistant talks directly to services on your behalf — might replace the very notion of websites and apps as we know them; and much more. Timestamps: (0:00) Introduction (3:40) Centralization and Challenges of AI (6:17) "User-Owned" AI (12:14) Confidential Computing and AI (17:51) The Birth of Transformers (22:33) NEAR AI and Crowdsourcing (27:56) AI Agents and Future Applications (31:04) The End of Websites and Applications (34:08) Dead Internet Theory & Distinguishing Humans (41:49) Open Source vs. Open Weight Models (43:48) Geopolitical Implications of AI (46:55) NEAR Protocol and Blockchain Scaling (59:29) The Role of Humans in an AI World Resources: Attention is all you need by Vaswani et al. (Conference on Neural Information Processing Systems 2017) 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.