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Fortune 500 Companies See a Surge in Blockchain Adoption

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  • The use of blockchain technology by Fortune 100 firms grew by 39% in 2024 compared to the previous year, reaching a record level.
  • 56% of Fortune 500 businesses are working on on-chain initiatives, which emphasizes the necessity for the United States to have clear cryptocurrency laws.
  • Cryptocurrency is viewed by both large enterprises and small businesses as a solution to high transaction costs and processing times.

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Global corporate adoption of blockchain technology is at an all-time high, with the US leading the way. In Q1 2024, blockchain initiatives at Fortune 100 firms reached a record high, with a 39% year-over-year rise, according to Coinbase’s most recent report.

These initiatives, which cover web3, blockchain, and cryptocurrency, highlight a big trend in corporate America. According to a Fortune 500 CEO study, 56% of businesses are actively working on on-chain products, which include payment apps that are aimed at consumers.

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Blockchain is adopted by Fortune 500 organizations

Leading figures in finance are spearheading this wave of blockchain adoption, claims Coinbase. There was a great deal of interest for spot Bitcoin ETFs, and there are already more than $63 billion in assets under management. Another significant step has been reached with the SEC’s recent approval of spot Ether ETFs, pending CFTC clearance. This opens up more access to spot cryptocurrency through well-known and reliable products.

Tokenization of real-world assets is gaining traction with on-chain government securities, which goes beyond ETFs. The demand for on-chain T-bills has increased because to high interest rates; since early 2023, tokenized U.S. Treasury products have increased by over 1,000% to reach $1.29 billion. With $382 million, BlackRock’s tokenized Treasury fund BUIDL just overtook Franklin Templeton’s $368 million fund to take the top spot. The paper projects that the market for tokenized assets would reach a value of $16 trillion by 2030, which is equal to the GDP of the European Union.

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Blockchain use is also being advanced by the massive payment companies Stripe and PayPal. Now, through Circle, Stripe merchants can take USDC payments via Ethereum, Solana, and Polygon, with the money automatically converted to fiat. In contrast to the normal fees of 4.45% to 6.39% charged by the global remittance market, PayPal offers free cross-border transfers for stablecoin users in about 160 countries. More than ten times the amount of money sent abroad in remittances, stablecoins’ yearly settlement volume reached $10 trillion in 2023.

Small businesses join the party

Big businesses aren’t the only ones embracing the blockchain revolution. According to Coinbase, reputable small firms in the United States are investigating cryptocurrency options. The belief held by 68% of small firms is that cryptocurrency can help with financial issues including transaction fees and processing delays. The significance of the United States developing the essential skill instead of losing it abroad is shown by Coinbase statistics. The percentage of American crypto developers is currently just 26%, a 14-point decline over the previous five years.

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More than regulatory issues, talent availability is a major barrier for Fortune 500 organizations. In their next hiring cycle, half of the small businesses questioned said they would look for applicants with experience in finance, law, or IT. To keep Americans at the forefront of technological innovation and to keep developers in the country, clear crypto regulations are essential.

It’s also critical to use blockchain to improve financial access. According to 48% of Fortune 500 CEOs, cryptocurrency could improve wealth creation and accessibility to the financial system for the underbanked and unbanked. Executives also pointed out that in order to promote innovation, banks had to collaborate more with businesses that use cryptocurrencies.

They express a great desire for the United States to take the lead in blockchain technology, which is consistent with Donald Trump’s goals. Now, 79% are open to working together on projects with partners in the United States, compared to 73% a year before. Furthermore, 72% concur that the US economy would remain competitive internationally if there was a digital currency backed by the USD. CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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