Coinbase’s Q2 2024 State of Crypto: The Fortune 500 Moving Onchain report, the result of a research collaboration with The Block, provides an updated view of blockchain adoption among America’s top public companies. On top of analyzing adoption among Fortune 500 companies, the report further delves into adoption trends in tokenization and stablecoins – two areas that have exhibited notable recent growth – and surveys perspectives from small businesses regarding blockchain technology adoption.
The first section of the report covers known blockchain, cryptocurrency and web3 initiatives among Fortune 100 companies, and reports findings from a survey of Fortune 500 executives. It finds that the number of reported initiatives by Fortune 100 companies has increased 39% year-over-year and hit a record high in Q1 2024. Furthermore, 56% of Fortune 500 say their companies are working on onchain projects, including consumer-facing payments applications.
The second section of the report covers trends in stablecoin adoption. It finds that onchain stablecoin settlement volumes reached all-time highs in Q1 2024 and annual settlement volumes reached US $10 trillion in 2023, around ten times the amount of worldwide remittances. The top two stablecoin issuers, Circle and Tether, now report holding close to US $150 billion in US Treasuries, around the same amount, or higher, than the reported holdings of major foreign holders like Norway, Saudi Arabia and South Korea.
The third section of the report covers trends in asset tokenization, a market that is projected to hit US $16T by 2030, according to some estimates. The tokenization of off-chain assets, also known as ‘real-world assets’ or RWAs, has more than doubled since the start of 2023. The tokenization of government securities has experienced particularly high growth, with the tokenization of US Treasury bills increasing over 1,000% since January of 2023, with brands like BlackRock, Franklin Templeton and Ondo Finance leading the charge.
Finally, the last section covers a survey of small businesses in the US, which finds these businesses are also venturing into crypto and blockchain technology. Among those that are aware of the technology, over half say they’re likely to seek out job applicants with knowledge of it the next time they fill a finance, legal or IT/tech role. Many of these businesses experience financial pain points that they believe could be solved through crypto technology, and they believe adopting technologies like stablecoins could help open up new business opportunities.