Fortune 500 companies are turning to blockchain, according to a Coinbase report

According to a Coinbase survey of Fortune 500 executives, more than half of them are currently working on blockchain-related projects.

The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the 500 largest corporations in the United States by total revenue for the corresponding fiscal year.

The report claims that America's largest public companies are more engaged with Block Than ever. On-chain projects announced by Fortune 100 companies increased 39% year-over-year and hit record highs in the first quarter of 2024.

The survey also reads:

From the biggest legacy brands to small businesses, from stablecoins to tokenized government bonds, trusted names and products in finance are embracing blockchain technology and cryptocurrencies, driving innovation…

According to information provided by the US Crypto Exchange, 70% of Fortune 500 company executives are interested in learning about stablecoins, while 86% recognize the potential benefits of asset tokenization for their company. In addition, about 35% say they are drawing up tokenization plans.

Fortune 500 executives are also said to be interested in stablecoins because they can be processed instantly at low cost internationally and domestically, used for easy conversions, lower transaction fees and money transfers within of the company.

Coinbase also said executives are interested in tokenization because it would streamline regulatory processes, reduce transaction times, improve funds tracking, save costs and potentially drive engagement.