Recently, I’ve noticed that the world of cryptocurrencies is entering an interesting turning point. The background of a16z Crypto launching a new fund worth $22 billion carries more significance than just fundraising.

Listening to what the four general partners of the fund discussed on a recent podcast, it’s clear that cryptocurrencies are shifting from their previous “revolutionary” image toward a more practical and realistic direction. What’s particularly interesting is that the coexistence with the existing financial system, once thought incompatible, has now become commonplace.

The growth of stablecoins is truly remarkable. The total issued amount has reached $300 billion, handling transaction volumes comparable to major payment networks like Visa. This isn’t just an increase in numbers; investors see it as a healthy trend similar to the early growth of the internet and computing networks. With regulatory frameworks becoming clearer, entrepreneurs can now enter with confidence.

At the same time, the relationship with AI is also transforming from one of incompatibility to overcoming previous conflicts. AI and cryptocurrencies, once considered completely opposed technologies, are now combining programmable money with AI agents to create new economic models. If most transactions are executed by AI agents within a few years, low-cost, high-speed payment networks like stablecoins will become essential infrastructure.

In the on-chain finance space, rapid evolution is also underway. Problems faced by traditional lending markets, such as double collateralization and maturity mismatches, are being addressed in new ways on the blockchain. Perpetual contracts, initially a concept only for cryptocurrencies, are now being used for traditional assets like stocks and commodities.

Privacy is another aspect that cannot be overlooked. Privacy technologies, once considered a lower priority, are now recognized as the strongest competitive advantage. As technologies like zero-knowledge proofs mature and the coexistence of scalability and privacy becomes feasible, major financial institutions are beginning to take notice.

What’s fascinating is the shift from early ideological incompatibility to a practical and realistic approach. The transition from “code written in a garage” to “participating in meetings with major banks” is not surrender but evolution. With clearer regulations and solid fundamentals, the real competition is just beginning.

The vision of having over a billion people engaging with blockchain daily within ten years no longer seems like an impossible dream but a feasible goal.