56% of Fortune 500 executives said their firms are actively working on blockchain initiatives, according to Coinbase’s survey published on Thursday. The adoption spans from legacy brands to small businesses, with applications ranging from stablecoins to tokenized Treasury bills (T-bills).
In addition, a separate survey from Coinbase shows that Fortune 100 companies are increasingly engaging in on-chain projects, with a 39% year-over-year increase in Q1 2024.
According to Coinbase, there is growing mainstream acceptance and integration of blockchain and crypto into traditional financial products and services, represented by the successful launch of spot Bitcoin exchange-traded funds (ETFs) and the tokenization of real-world assets.
The report indicates that spot Bitcoin ETFs have met substantial demand, amassing over $63 billion in assets under management. The SEC’s recent approval of spot Ethereum ETFs is expected to further boost crypto adoption.
Meanwhile, there’s a marked increase in interest in tokenizing real-world assets. The report notes that on-chain government securities, particularly tokenized T-bills, have seen a 1,000% increase in value since early 2023, now exceeding $1.29 billion.
“By 2030, the tokenized asset market is expected to hit $16 trillion – the size of the EU’s GDP today,” the report noted.
BlackRock’s tokenized US Treasury fund BUIDL has become the largest of its kind, surpassing Franklin Templeton’s.
Beyond crypto ETFs and real-world asset tokenization, payment giants like PayPal and Stripe are enhancing the usability of stablecoins, facilitating easier and more cost-effective cross-border transactions.
For instance, Stripe has allowed merchants to accept USDC payments across multiple blockchains with automatic fiat conversion. PayPal has eliminated transaction fees for stablecoin transfers in about 160 countries, a move considering the high costs associated with the global remittance market.
The report also points to small businesses’ grassroots adoption of crypto. Around 68% of small businesses believe crypto can address their financial challenges, such as high transaction fees and slow processing times. Half plan to seek crypto-familiar candidates for finance, legal, and IT roles.
US risks losing talent without fair crypto policies
While US top public companies are setting a new record in blockchain engagement, the country is losing its share of crypto talent due to unclear regulations, according to Coinbase’s report. Currently, only 26% of crypto developers are US-based.
“It’s imperative that the US cultivate increasingly needed talent rather than continuing to lose it overseas,” the report highlighted. “Clear rules for crypto are key to keeping developers in the US – and to the US continuing to lead the world in cutting-edge technological innovation.”
The report calls for clear crypto regulations to foster innovation and ensure the US continues to lead in technological advancements. Furthermore, it highlights crypto’s potential to enhance financial inclusion for the underbanked and unbanked, with 48% of Fortune 500 executives recognizing its capacity to improve access to financial services and wealth creation.
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