Crypto usage has hit unprecedented levels, as shared by the venture firm Andreessen Horowitz (A16z) in their recent annual State of Crypto report, released on Wednesday.

The report reveals a dramatic increase in blockchain interactions, noting that 220 million addresses engaged with the technology in September alone, a figure that has tripled since late 2023.

A key factor driving this growth is the wider adoption of stablecoins—digital currencies linked to traditional assets such as the US dollar. "Stablecoins have achieved a significant level of fit in the market," said Eddy Lazzarin, A16z’s CTO. "The issuance and transfers of stablecoins have soared across all metrics."

A16z has cemented its role as a frontrunner in the crypto sector, supporting well-known entities like Coinbase, Uniswap, and Solana. While the report recognizes the exciting resurgence of meme-based cryptocurrencies over the past year, it raises concerns about their potential to jeopardize the industry's reputation due to the prevalence of fraud and scams that accompany these assets.

Both Marc Andreessen and Ben Horowitz, A16z co-founders, recently declared their support for Donald Trump in the upcoming 2024 elections, citing his intentions to “stop the illegal and un-American crackdown on crypto” as a pivotal reason for their endorsement. Nevertheless, following Joe Biden's withdrawal from the race, Horowitz acknowledged complexities in political maneuvering as he made personal contributions to Kamala Harris’s campaign.

Regulatory uncertainty remains a crucial aspect of A16z’s reports, but this year highlights crypto’s increasing role in political discussions, especially in key swing states like Pennsylvania and Wisconsin.

Ethereum's EIP-4844 upgrade, for instance, has contributed to significant decreases in transaction costs, making sending stablecoins cheaper than ever. Overall, the findings reflect both remarkable achievements and daunting challenges in the crypto landscape.