Coinbase’s Q2 2024 State of Crypto: The Fortune 500 Moving Onchain report, created in collaboration with The Block, offers a comprehensive look at blockchain adoption among America’s top public companies. This report not only examines blockchain initiatives within Fortune 500 companies but also explores emerging trends in tokenization and stablecoins, highlighting significant growth in these areas. Additionally, it includes insights from small businesses on their views regarding blockchain technology adoption.
Blockchain Initiatives in Fortune 100 Companies
The report’s first section focuses on blockchain, cryptocurrency, and web3 projects among Fortune 100 companies. It reveals a 39% year-over-year increase in reported initiatives, reaching a record high in Q1 2024. Furthermore, 56% of Fortune 500 companies are engaged in onchain projects, particularly in consumer-facing payment applications.
Trends in Stablecoin Adoption
The second section addresses stablecoin adoption trends. It notes that onchain stablecoin settlement volumes hit all-time highs in Q1 2024, with annual settlement volumes reaching $10 trillion in 2023. This figure is roughly ten times the total worldwide remittances. Major stablecoin issuers, Circle and Tether, now hold nearly $150 billion in US Treasuries, comparable to or exceeding the holdings of major foreign entities like Norway, Saudi Arabia, and South Korea.
Growth in Asset Tokenization
The third section examines the asset tokenization market, projected to reach $16 trillion by 2030. The tokenization of off-chain assets, or ‘real-world assets’ (RWAs), has more than doubled since early 2023. The tokenization of government securities, particularly US Treasury bills, has surged by over 1,000% since January 2023, with companies like BlackRock, Franklin Templeton, and Ondo Finance leading the way.
Small Businesses and Blockchain Technology
The final section surveys small businesses in the US, revealing that these businesses are also exploring crypto and blockchain technologies. Over half of those familiar with the technology plan to seek job candidates with blockchain expertise for finance, legal, or IT/tech roles. Many small businesses believe that crypto technology could address their financial challenges and open new business opportunities, particularly through the adoption of stablecoins.
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