Coinbase Top 100 US Companys Blockchain Project Sees 39 YoY Growth

Author: Coinbase
Translated by: Deep Tide TechFlow
The on-chain activities of the top listed companies in the United States are busier than ever before. The number of on-chain projects announced by Fortune 100 companies has increased by 39% year on year, reaching a historic high in the first quarter of 2024. A survey of Fortune 500 executives found that 56% of them stated that their companies are engaged in on-chain projects. From the largest traditional brands to small businesses, prominent companies and products in the financial sector are embracing blockchain technology and cryptocurrencies, driving innovation and providing access for widespread adoption. The increase in activity highlights the urgency of establishing clear rules for cryptocurrencies, which will help keep cryptocurrency developers and other talents in the United States.
According to research conducted by The Block for Coinbase, the number of cryptocurrency, blockchain, or Web3 projects announced by Fortune 100 companies has increased by 39% year on year, reaching a historic high in the first quarter of 2024. A survey of Fortune 500 executives shows that 56% of companies are engaging in on-chain projects, including consumer-facing payment applications. The increased activity underscores the urgency of establishing clear cryptocurrency rules to help retain developers and other talents in the United States, fulfill the promise of better access to cryptocurrencies, and maintain the U.S.’s leadership position in the cryptocurrency field globally.
Many trusted brands and products in the financial sector are embracing blockchain technology and cryptocurrencies, driving innovation and providing access for widespread adoption:
The launch of Bitcoin spot ETF meets a huge potential demand. As of today, the total assets under management of Bitcoin spot ETF exceed $630 billion. On May 23, 2024, the U.S. Securities and Exchange Commission (SEC) approved the application by the exchange to list and trade an Ethereum spot ETF (pending S-1 approval), further expanding access to spot cryptocurrencies and promoting adoption.
In addition to ETFs, on-chain government securities are driving emerging interest in tokenizing real-world assets. Recent high interest rates have increased the demand for on-chain secure, high-yield government bonds, with the value of U.S. Treasury tokenization products growing by over 1000% since early 2023, reaching $12.9 billion. BlackRock’s tokenized U.S. Treasury bond fund, BUIDL, has reached $3.82 billion, surpassing Franklin Templeton’s $3.68 billion fund to become the largest fund; crypto hedge funds and market makers are using BUIDL as collateral for trading tokens. The tokenized asset market is expected to reach $16 trillion by 2030, equivalent to the GDP of the European Union today.
In addition to Coinbase, global payment giants PayPal and Stripe are making stablecoins easier to use. Through Circle, merchants on Stripe can now accept USDC payments via Ethereum, Solana, and Polygon, automatically converting them into fiat currency. PayPal supports cross-border transfers, covering stablecoin users in about 160 countries – with no transaction fees, while the average cost of the global remittance market ranges from 4.45% to 6.39%. In 2023, the annual settlement volume of stablecoins reached $10 trillion, more than ten times the total volume of global remittances.
This progress is not only top-down but also bottom-up: the most trusted institutions in the U.S., as well as small businesses, are venturing into cryptocurrencies. About 68% of small businesses believe that cryptocurrencies can help solve at least one financial pain point, with the biggest pain points being transaction costs and processing times.
At Coinbase, we appreciate the progress of traditional finance in updating systems and have some calls to action from the data:
The U.S. must cultivate the talent that is increasingly needed, rather than continuing to lose it overseas. Over the past five years, the share of U.S. developers has decreased by 14 percentage points, with only 26% of cryptocurrency developers now in the U.S. Concerns about the availability of trusted talent are now the main barrier to adoption among Fortune 500 executives, surpassing concerns about regulations. In small businesses, half indicate that they may look for candidates familiar with cryptocurrencies when hiring for finance, legal, or IT/technical positions. Clear rules for cryptocurrencies are crucial to retaining developers – and crucial for the U.S. to continue leading the world in cutting-edge technological innovation.
Equally important is ensuring that this technology fulfills its promise to better serve companies in need of financial services using cryptocurrencies, and more importantly, ensuring that it serves those who are underserved by financial services. Approximately half (48%) of Fortune 500 executives believe that cryptocurrencies have the potential to increase access to the financial system and create wealth for those who are underserved. For companies using cryptocurrencies, a Fortune 500 executive pointed out that banks can encourage innovation by finding more ways to partner with them.
The U.S. needs to take a leadership role in this field. Fortune 500 executives show strong interest here: 79% want to collaborate with partners in the U.S. (up 73% from last year), and 72% agree that a digital currency backed by the U.S. dollar (as opposed to the yen) can maintain the global competitiveness of the U.S. economy.
Cryptocurrency is the future of currency.
This research report is the fourth report released by Coinbase since June 2023, and is a year-on-year study on enterprise adoption, it is Coinbase’s latest comprehensive research report aimed at promoting the role that cryptocurrencies, blockchain, and other network technologies can play in updating the global financial system for the benefit of businesses and consumers.
Methodology
Unless otherwise noted, the data and insights cited in this report are sourced from the following:
Fortune 100 projects: The Block Pro Research analyzed the on-chain activity of Fortune 100 companies’ Web3 projects from the first quarter of 2020 to early June 2024. “Activity” is broadly defined to include any digital asset/blockchain-related internal projects, investments, partnerships, product/service launches, and similar projects. The Block conducted public information searches on news websites, company documents, press releases, and announcements using keywords such as “cryptocurrency,” “blockchain,” “tokenization,” “NFTs,” “metaverse,” and “digital assets.” The search results were manually screened, aggregated, and deduplicated. For each project in the database, The Block evaluated project stages, industries, and Web3 use cases (such as tokenization, process automation, payments/settlement, etc.).
Fortune 100, stablecoin, and tokenization case studies: The Block’s research.
Web3 adoption survey: A survey of 104 Fortune 500 executives (director level and above) conducted by third-party research firm GLG for Coinbase, who are knowledgeable about cryptocurrency and blockchain, conducted from April 17 to 25, 2024.
Small business survey: A survey of 250 U.S. small businesses (with fewer than 500 employees) conducted by research firm NRG for Coinbase, where financial decision-makers familiar with cryptocurrencies, conducted from April 24 to 29, 2024.
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