a16z has launched a new cryptocurrency fund "Crypto Fund 5" with a scale of $2.2 billion. In response to this news, four general partners gathered on a podcast to discuss the current state and future of the crypto asset market.

The most interesting point is that this industry is shifting significantly from "revolution" to "practical application." From the early cypherpunk ideology to coexistence with existing systems. The era has come to shed the hoodie and put on a tie.

Chris Dixon emphasized the growth of stablecoins. The total issued stablecoins have reached $300 billion, and trading volume rivals major payment networks like Visa. This is not just speculation but a growth curve supported by real use cases. Last year's regulatory framework development has led entrepreneurs to enter the space one after another.

Companies like Stripe adopting stablecoins enabled rapid expansion from dozens of countries to over 100 countries. International remittance fees have plummeted, making a truly global financial network a reality.

Ali Yahya pointed out a cultural shift. From ideology-driven in 2017 to now a practical approach focused on products and market entry strategies. The most successful entrepreneurs are no longer bound by ideology.

Guy Wollaert made an interesting observation. The on-chain lending market is rapidly developing. Challenges in traditional lending, such as maturity mismatches and double collateral, are now solvable on blockchain. Furthermore, new market forms are being built on-chain one after another. Perpetual contracts are expanding into stocks and commodities, and markets like GPU computing power and energy price discovery—once impossible—are now emerging.

Eddie Lazarin is excited about the integration with AI. AI agents directly manage crypto assets via command-line tools and connect to bank accounts. Fully anonymous, programmable, and compatible with traditional systems. This is the future he envisions.

The biggest point Ali pointed out is the rise of AI agents. Soon, 99% of transactions will be completed by AI agents. Instead of SWIFT or credit cards, fully programmable and nearly free stablecoins will become the perfect tools to turn AI agents into top-tier economic actors.

Privacy is also a crucial theme in this new era of cryptocurrencies. Ali said privacy is "the only moat." As blockchains become commoditized, only encrypted data can maintain strong network effects. Zero-knowledge proof technology has advanced 10 to 100 times over the past decade, holding the potential to fundamentally solve scalability issues.

Chris emphasized the final point: countering the centralization of AI. The early internet was decentralized, but eventually became monopolized. AI is even more capital-intensive, making oligopoly unavoidable. Cryptocurrency technology is the only reliable means to oppose this trend.

Their definition of success is also clear. In ten years, one billion people will interact with blockchain daily. Most of the world's financial activity will shift on-chain. AI agents will evolve from mere tools to economic entities. And most importantly, provide dollar-pegged stablecoin bank accounts to billions worldwide who lack basic savings means.

The emergence of this new crypto fund is not just about raising capital. It signifies that the industry has matured and moved into a phase emphasizing practicality. Clearer regulation, product implementation, and coexistence with traditional finance—these combined could enable cryptocurrencies to truly change the world.