Coinbase: U.S. Fortune 100 company on-chain projects surge nearly 40%

Original title: The State of Crypto: The Fortune 500 Moving Onchain

Original author: Coinbase

Original compilation: Shenchao TechFlow

The on-chain activities of top U.S. listed companies are busier than ever. On-chain projects announced by Fortune 100 companies increased 39% year-over-year and hit an all-time high in the first quarter of 2024. A survey of Fortune 500 executives found that 56% said their companies were working on on-chain projects. From the largest legacy brands to small businesses, from stablecoins to tokenized Treasury bills, the biggest names in finance and products are embracing blockchain technology and cryptocurrencies, driving innovation and providing access to widespread adoption. The increase in activity underscores the urgency for clear rules for cryptocurrencies that could help keep cryptocurrency developers and other talent in the United States.

The number of cryptocurrency, blockchain or Web3 projects announced by Fortune 100 companies increased by 39% year-over-year, according to research conducted by The Block for Coinbase , and hit a record high in the first quarter of 2024. A survey of Fortune 500 executives revealed that 56% of companies are working on on-chain projects, including consumer-facing payment applications. The increased activity underscores the urgency for clear cryptocurrency rules to help retain crypto developers and other talent in the United States, deliver on the promise of greater access to cryptocurrencies, and maintain U.S. leadership in cryptocurrency globally .

Many trusted brands and products in the financial sector are embracing blockchain technology and cryptocurrencies, driving innovation and providing access to widespread adoption:

# The launch of

• ##Bitcoin SpotETF meets the huge potential demand. As of today, the total assets under management of the Bitcoin Spot ETF exceeds $63 billion. On May 23, 2024, the U.S. Securities and Exchange Commission (SEC) approved the exchange’s application to list and trade an Ethereum spot ETF (pending S-1 approval), further expanding access to the spot cryptocurrency and driving adoption .

• In addition to ETFs,

  On-chain government securities are driving new interest in the tokenization of real-world assets. Recent high interest rates have increased demand for safe, high-yield Treasury bonds on-chain, with the value of U.S. Treasury tokenized products growing by more than 1,000% since the beginning of 2023, reaching $1.29 billion. BlackRock’s tokenized U.S. Treasury bond fund BUIDL, at $382 million, recently surpassed Franklin Templeton’s $368 million fund to become the largest fund; crypto hedge funds and market makers are using BUIDL as collateral for trading tokens. By 2030, the tokenized asset market is expected to reach $16 trillion, equivalent to today’s EU GDP.

• In addition to Coinbase, global payment giants PayPal and Stripe are also making

  stablecoins easier to use. Through Circle, merchants on Stripe can now accept USDC payments via Ethereum, Solana, and Polygon, with automatic conversion to fiat currency. PayPal supports cross-border transfers, covering stablecoin users in about 160 countries - there are no transaction fees, while the average fee in the global remittance market is 4.45% to 6.39%. In 2023, the annual settlement volume of stablecoins will reach 10 trillion US dollars, which is more than 10 times the total global remittance volume.

• This progress isn’t just top-down, it’s bottom-up: America’s most trusted institutions,

  small businesses are also dabbling in crypto currency. Approximately seven in 10 (68%) small businesses believe that cryptocurrencies can help solve at least one financial pain point, with the biggest pain points being transaction fees and processing time.

At Coinbase, we applaud traditional finance’s progress in updating systems and make some calls from the data:

• The United States must develop the talent it increasingly needs rather than continue to lose it overseas. Over the past five years, the U.S. developer share has dropped by 14 percentage points; today only 26% of crypto developers are in the United States. Among Fortune 500 executives, concerns about available, trusted talent are now a major barrier to adoption, surpassing regulatory concerns. Among small businesses, half said they were likely to look for candidates familiar with cryptocurrency when next recruiting for a finance, legal or IT/tech role. Clear cryptocurrency rules are key to retaining developers—and for the United States to continue to lead the world in cutting-edge technological innovation.

• It is also crucial to ensure that the technology delivers on its promise to better serve crypto-using companies in need of financial services,More importantly Yes, ensuring that underserved people who need financial services are served. For the underbanked and unbanked, about half (48%) of Fortune 500 executives say cryptocurrencies have the potential to increase access to the financial system and the ability to create wealth. For companies using cryptocurrencies, one Fortune 500 executive noted that banks can encourage innovation by finding more ways to work with them.

• The United States needs to take a leadership role in this area. Fortune 500 executives are showing strong interest here: 79% want to work with U.S.-based partners (up 73% from last year), and 72% agree that having a USD-backed digital currency (versus the Japanese yen) is possible Maintain the global competitiveness of the U.S. economy.

Cryptocurrency is the future of money.

This research report is the fourth research report released by Coinbase since June 2023. It is also a year-over-year research report on enterprise adoption. It is the latest comprehensive report released by Coinbase. Research report aimed at educating the public about the role that cryptocurrencies, blockchain and other network technologies can play in updating the global financial system to benefit businesses and consumers.

Methodology

Unless otherwise noted, the data and insights cited in this report come from the following sources:

• Fortune 100 Projects: The Block Pro Research analysis of Web3 project activity at Fortune 100 companies between the first quarter of 2020 and early June 2024. “Activities” are broadly defined to include any digital asset/blockchain related internal company projects, investments, partnerships, product/service launches and other similar projects. The Block uses keywords such as “cryptocurrency,” “blockchain,” “tokenization,” “NFTs,” “metaverse,” and “digital assets” for disclosure on news websites, company documents, press releases, and announcements. Information search. Search results are manually filtered, aggregated and deduplicated. For each project in the database, The Block evaluated the project stage, industry, and Web3 use cases (e.g. tokenization, process automation, payments/settlement, etc.).

• Fortune 100, Stablecoins and Tokenization Case Studies: Research by The Block.

• Web3 Adoption Survey: Survey of 104 Fortune 500 executives (director and above) conducted for Coinbase by third-party research firm GLG. Executives Learn About Cryptocurrencies and Blockchain, survey will be conducted from April 17 to 25, 2024.

• Small Business Survey: A survey of 250 financial decision-makers at U.S. small businesses (fewer than 500 employees) conducted for Coinbase by research firm NRG, These decision makers understand cryptocurrencies, and the survey was conducted from April 24 to 29, 2024.

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