Fortune 500 Embraces Blockchain: Coinbase Survey Shows Growing On-chain Interest

June 13, 2024
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In a sign of accelerating institutional interest in blockchain technology, a new survey by cryptocurrency exchange Coinbase reveals a significant rise in on-chain project exploration among Fortune 500 companies.

The survey, released Wednesday, found that 56% of executives at these leading U.S. corporations report that their companies are currently working on blockchain technology projects. This marks a substantial increase in adoption, with on-chain initiatives announced by Fortune 100 companies spiking 39% year-over-year and reaching a record high in the first quarter of 2024.

“America’s top public companies are busier on-chain than ever before,” stated the Coinbase report, titled “The State of Crypto: The Fortune 500 Moving Onchain.” The report highlights a diverse range of applications being explored, from established financial instruments like tokenized Treasury bills (T-bills) to projects involving stablecoins, and cryptocurrencies designed to maintain a steady value.

Coinbase’s findings echo a broader trend of institutional investment in the cryptocurrency and blockchain space. This increased engagement is prompting calls for clearer regulations to navigate the evolving landscape.

“Trusted names and products in finance are embracing blockchain technology and crypto, driving innovation and providing on-ramps for widespread adoption,” the report continues. 

Coinbase’s report suggests a future where blockchain technology becomes increasingly integrated into the operations of major corporations. This trend can potentially revolutionize various sectors, from supply chain management to financial services. 

One of the major drivers of this trend is the rise of spot Bitcoin ETFs. The total assets under management for these ETFs now exceed $63 billion, meeting pent-up demand from investors. Additionally, the tokenization of real-world assets, such as T-bills, has gained considerable traction. The value of tokenized U.S. Treasury products has surged over 1,000% since the start of 2023, reaching $1.29 billion. BlackRock’s tokenized fund, BUIDL, has become the largest, surpassing Franklin Templeton’s fund, and is now being used by crypto hedge funds and market makers as collateral for trading.

Stablecoins and cross-border payments are also driving blockchain adoption. Global payment giants PayPal and Stripe are making stablecoins more accessible. Stripe merchants can now accept payments in USDC via Ethereum, Solana, and Polygon, with automatic fiat conversion. Meanwhile, PayPal supports cross-border transfers for stablecoin users across approximately 160 countries with no transaction fees.

Disclaimer: Violet has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.

The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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