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Blockchain adoption is hitting a high note among the world’s largest companies, especially in the United States. According to Coinbase’s latest report, Fortune 100 companies saw a 39% increase in blockchain projects year-over-year, reaching a record high in Q1 2024. Also Read: How to Understand and Read Blockchain Data These projects span cryptocurrency, blockchain, and web3 initiatives, reflecting a significant trend in corporate America. A survey of Fortune 500 executives revealed that 56% of companies are actively engaged in on-chain projects, including consumer-facing payment applications. Fortune 500 companies embrace blockchain According to Coinbase, top names in finance are driving this wave of blockchain adoption. The launch of spot Bitcoin ETFs met huge demand, with assets under management now exceeding $63 billion. The SEC’s recent approval for spot Ether ETFs, pending CFTC approval, marks another milestone, expanding access to spot crypto through familiar and trusted products. Source: Coinbase Beyond ETFs, on-chain government securities are drawing new interest in real-world asset tokenization. High interest rates have boosted demand for on-chain T-bills, with tokenized U.S. Treasury products surging over 1,000% since early 2023, reaching $1.29 billion. BlackRock’s tokenized Treasury fund BUIDL, at $382 million, recently surpassed Franklin Templeton’s $368 million fund to become the largest. According to the report, by 2030, the tokenized asset market is expected to hit $16 trillion, equivalent to the EU’s current GDP. Payment giants PayPal and Stripe are also advancing blockchain adoption. Stripe merchants can now accept USDC payments via Ethereum, Solana, and Polygon through Circle, automatically converting to fiat currency. PayPal supports cross-border transfers for stablecoin users in around 160 countries without transaction fees, compared to the global remittance market’s average charges of 4.45% to 6.39%. In 2023, stablecoins’ annual settlement volume hit $10 trillion, more than 10 times the worldwide remittance amount. Small businesses join the…

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Filed under: News - @ June 13, 2024 1:24 am