56% of Fortune 500 executives said their companies are actively working on blockchain initiatives, according to Coinbase’s survey released Thursday. Adoption extends from legacy brands to small businesses, with applications ranging from stablecoins to tokenized Treasury Bills (T-bills).
Additionally, a separate study from Coinbase shows that Fortune 100 companies are increasingly engaging in on-chain projects, with a 39% increase year-over-year in the first quarter of 2024.
According to Coinbase, there is growing mainstream adoption 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 and amassed more than $63 billion in assets under management. The SEC’s recent approval of spot Ethereum ETFs is expected to further drive cryptocurrency adoption.
Meanwhile, there has been a marked increase in interest in tokenizing real-world assets. The report notes that on-chain government bonds, particularly tokenized T-bills, have seen a 1,000% increase in value since the start of 2023 and now exceed $1.29 billion.
“By 2030, the market for tokenized assets is expected to reach $16 trillion – the size of the EU’s current GDP,” the report said.
BlackRock’s tokenized US Treasury fund BUIDL has become the largest of its kind, surpassing Franklin Templeton’s.
In addition to crypto ETFs and tokenization of real assets, payment giants like PayPal and Stripe are improving the usability of stablecoins, making cross-border transactions easier and more cost-effective.
For example, 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 given the high costs associated with the global remittance market.
The report also highlights the adoption of crypto by small businesses. About 68% of small businesses believe crypto can address their financial challenges, such as high transaction fees and slow processing times. Half plans to seek crypto-famous candidates for finance, legal and IT positions.
The US risks losing talent without fair crypto policies
As top US companies set a new record in blockchain engagement, the country is losing its share of crypto talent due to unclear regulations, Coinbase’s report said. Currently, only 26% of crypto developers are based in the US.
“It is imperative that the U.S. cultivates the increasingly needed talent, rather than continuing to lose it abroad,” the report emphasizes. “Clear rules for crypto are critical to keeping developers in the US – and ensuring the US continues to lead the world in cutting-edge technology innovation.”
The report calls for clear crypto regulations to promote innovation and ensure the US remains at the forefront of technological advancements. Furthermore, it highlights crypto’s potential to improve financial inclusion for the banked and unbanked, with 48% of Fortune 500 executives recognizing its ability to improve access to financial services and wealth creation.