The crypto industry is maturing.

At the end of last year, we proposed 5 metrics to watch closely in 2025 to track the industry’s continued growth and development.

Here’s what the data looks like halfway through the year.

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1/ Monthly mobile wallet users: +23%

2025 average: 34.4M monthly active mobile wallet users
2024 average: 27.9M monthly active mobile wallet users

Why it matters:
Wallet infrastructure has significantly improved — we have low transaction fees, new account abstraction protocols (EIP-7702), embedded wallet products (Privy, Turnkey, Dynamic), etc. Now is a better time than ever to build a next-generation mobile wallet.

Relevant news:
- This month Stripe acquired Privy — a leading wallet infrastructure provider.

Source: 
a16z crypto (as of May 2025)

2/ Adjusted stablecoin transaction volume: +49%

2025 average: $702B monthly adjusted stablecoin volume
2024 average: $472B monthly adjusted stablecoin volume

Why it matters:
Stablecoins have found product market fit. We can now send dollars in less than 1 second, for less than 1 cent — making stablecoins a great product for payments. Big financial institutions are embracing this opportunity.

Relevant news:
- USDC issuer Circle went public on the New York Stock Exchange
- Stripe acquired stablecoin infrastructure provider Bridge and announced a handful of new products
- Coinbase released an agentic payments standard with support for stablecoin payments
- Visa and Mastercard enhanced stablecoin support
- Meta is reportedly in talks to introduce stablecoins as a means for payouts

Source: Visa (as of June 2025)

3/ ETP net flows (Bitcoin and Ethereum): +28%

June 2025: $45B total ETP net flows ($42B BTC, $3.4B ETH)
End of 2024: $35B total ETP net flows ($33B BTC, $2.4B ETH)

Why it matters:
Institutional capital entering crypto is a sign of the industry’s overall maturity. As regulations become more clear and the key distributors start to activate, net flows into the ETPs should continue to grow.

Relevant news:
- The SEC recently requested spot Solana exchange-traded fund (ETF) issuers to update their S-1 filings, suggesting that approval could occur sometime in the near future.

Source: Dune, hildobby (as of June 2025)

Explore the EIPs / ERCs mentioned in this cast: