56% of Fortune 500 execs confirm active crypto initiatives: Coinbase survey

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

Additionally, a separate survey from Coinbase found that Fortune 100 companies are participating in blockchain projects, a 39 percent year-over-year increase in Q1 2024.

According to Coinbase, the successful launch of Bitcoin exchange-traded funds (ETFs) and the tokenization of real-world assets represented the main acceptance and integration of blockchain and crypto into traditional financial products and services.

According to the report, Bitcoin ETFs have accumulated more than $63 billion in assets under management, meeting high demand. The SEC's recent approval of spot Ethereum ETFs is expected to further boost crypto adoption.

Meanwhile, there is a significant increase in interest in tokenizing real-world assets. The report notes that on-chain government securities, specifically tokenized T-bills, have seen a 1,000% increase in value since early 2023, now exceeding $1.29 billion.

“By 2030, the simulated asset market is expected to reach $16 trillion – the size of the EU's GDP today,” the report said.

BlackRock's tokenized US Treasury fund BUIDL is the largest of its kind, surpassing Franklin Templeton.

Beyond crypto ETFs and real-world asset tokens, payment giants like PayPal and Stripe are promoting the use of stablecoins, facilitating easier and more cost-effective cross-border transactions.

For example, Stripe allows merchants to accept USDC payments through multiple blockchains with automatic fiat conversion. PayPal has waived transaction fees for Statcoin transfers in 160 countries, a move given the high costs associated with the global money exchange market.

The report also points to the basic adoption of crypto by small businesses. 68% of small businesses believe that crypto can solve their financial challenges such as high transaction fees and slow processing times. Half plans to seek crypto-savvy candidates for finance, legal and IT roles.

America is at risk of losing talent without fair crypto policies

While the US's top public companies are setting new records for blockchain participation, the country is losing its share of crypto talent due to unclear regulations, according to a Coinbase report. Currently, only 26% of crypto developers are based in the US.

“Rather than continuing to lose it abroad, it is imperative that America develop the skills it increasingly needs,” the report highlighted. “Clear rules for crypto are key to keeping developers in the US and ensuring the US continues to lead the world in technology innovation.”

The report called for clear crypto regulations to foster innovation and allow the US to continue to lead in technological advancements. Additionally, 48% of Fortune 500 executives recognize the potential of financial services to increase access and wealth creation, highlighting crypto's potential for financial inclusion for the underbanked and unbanked.

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