Coinbase – State of Crypto, 2Q 2024

In the second quarter of 2024, research conducted for Coinbase by The Block shows that Fortune 100 companies are increasingly involved in cryptocurrency, blockchain, and web3 initiatives, with a 39% year-over-year increase. A survey of Fortune 500 executives reveals that 56% are working on onchain projects, including consumer-facing payments applications. This heightened activity emphasizes the need for clear regulatory guidelines in the U.S. to retain talent, improve access, and establish global leadership in crypto. Trusted names in finance are embracing blockchain and crypto, fueling innovation and facilitating widespread adoption. The introduction of spot bitcoin ETFs has met significant demand, with over $63 billion in total assets under management. The approval of exchange applications for spot ether ETFs is expected to further enhance access to crypto and encourage adoption. Additionally, onchain government securities are sparking interest in real-world asset tokenization, with the value of tokenized U.S. Treasury products increasing by over 1,000% since 2023. Notably, BlackRock's BUIDL tokenized U.S. Treasury fund has surpassed other funds in size, attracting use as collateral by crypto hedge funds and market makers for trading coins and tokens.