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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…
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