July 14, 2024
1 Solar System Way, Planet Earth, USA
Crypto

56% of Fortune 500 Executives Confirm Crypto Initiatives Underway: Coinbase Survey

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56% of Fortune 500 executives said their companies are actively working on blockchain initiatives, according to Coinbase. survey published on Thursday. Adoption spans from legacy brands to small businesses, with applications ranging from stablecoins to tokenized Treasury bills (T-bills).

Additionally, a separate Coinbase survey shows that Fortune 100 companies are increasingly participating in on-chain projects, with a 39% year-over-year increase in the first quarter of 2024.

According CoinbaseThere is growing widespread acceptance and integration of blockchain and crypto into traditional financial products and services, represented by the successful Spot Bitcoin Exchange Traded Funds (ETFs) Launched 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 recent SEC report Ethereum spot ETF approval It is expected to further boost cryptocurrency adoption.

Meanwhile, there is a marked increase in interest in tokenizing real-world assets. The report notes that on-chain government securities, particularly tokenized Treasury bills, have seen a 1,000% increase in value since the beginning of 2023, now exceeding $1.29 billion.

“By 2030, the tokenized asset market is expected to reach $16 trillion, the current size of the EU's GDP,” the report notes.

BlackRock US Treasury Tokenized Fund BUIDL has become the largest of its kind, surpassing that of Franklin Templeton.

Beyond crypto ETFs and tokenization of real-world assets, payments giants like PayPal and Stripe are improving the usability of stablecoins, facilitating easier and more cost-effective cross-border transactions.

For example, Stripe has enabled merchants to accept USDC payments on multiple blockchains with automatic conversion to fiat currency. PayPal has eliminated transaction fees for stablecoin transfers in about 160 countries, a move that takes into account the high costs associated with the global remittance market.

The report also notes the adoption of cryptocurrencies by small businesses. About 68% of small businesses believe that cryptocurrencies can address their financial challenges, such as high transaction fees and slow processing times. Half plan to seek crypto-friendly candidates for financial, legal and IT roles.

US risks losing talent without fair crypto policies

According to the Coinbase report, while major US public companies are setting a new record in blockchain participation, the country is losing its share of crypto talent due to unclear regulations. Currently, only 26% of cryptocurrency developers are based in the United States.

“It is imperative that the United States cultivate increasingly needed talent rather than continue to lose it abroad,” the report noted. “Clear rules for cryptocurrencies are key to keeping developers in the US and for the US to continue to lead the world in cutting-edge technological innovation.”

The report calls for clear crypto regulations to encourage innovation and ensure the US continues to lead technological advancements. Additionally, it highlights the potential of cryptocurrencies to improve financial inclusion for the unbanked and unbanked, with 48% of Fortune 500 executives recognizing its ability to improve access to financial services and wealth creation.

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